Download This PaperRethinking Macroeconomic Policy
Revista de Economía Institucional, Vol. 12, No. 22, 2010
22 Pages Posted: 26 Jul 2010
There are 2 versions of this paper
Date Written: June 1, 2010
Abstract
The great moderation lulled macro-economists and policymakers alike in the belief that we knew how to conduct macroeconomic policy. The crisis clearly forces to question that assessment. This paper reviews the main elements of the pre-crisis consensus, identify where we were wrong and what tenets of the pre-crisis framework still hold, and take a tentative first pass at the contours of a new macroeconomic policy framework.
Note: Downloadable document is in a foreign language.
Keywords: macroeconomic policy, macroprudential regulation, inflation targets, automatic stabilizers
JEL Classification: E44, E52, E58, G38, H50
Suggested Citation: Suggested Citation
Peterson Institute for International Economics ( email )
1750 Massachusetts Avenue, NW
Washington, DC 20036
United States
Do you have a job opening that you would like to promote on SSRN?
Recommended Papers
-
Real Wage Rigidities and the New Keynesian Model
By Olivier J. Blanchard and Jordi Galí
-
Real Wage Rigidities and the New Keynesian Model
By Olivier J. Blanchard and Jordi Galí
-
Real Wage Rigidities and the New Keynesian Model
By Jordi Galí and Olivier J. Blanchard
-
Labor Market Search, Sticky Prices, and Interest Rate Policies
-
A New Keynesian Model with Unemployment
By Olivier J. Blanchard and Jordi Galí
-
The (Ir)Relevance of Real Wage Rigidity in the New Keynesian Model with Search Frictions
By Michael U. Krause and Thomas A. Lubik
-
Labor Markets and Monetary Policy: A New-Keynesian Model with Unemployment
By Olivier J. Blanchard and Jordi Galí
-
The Role of Real Wage Rigidity and Labor Market Frictions for Unemployment and Inflation Dynamics