Rethinking Macroeconomic Policy

By Olivier J Blanchard, Giovanni Dell'Ariccia, Paolo Mauro

February 12, 2010

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Format: Chicago

Olivier J Blanchard, Giovanni Dell'Ariccia, and Paolo Mauro. Rethinking Macroeconomic Policy, (USA: International Monetary Fund, 2010) accessed November 24, 2024

Summary

The great moderation lulled macroeconomists and policymakers alike in the belief that we knew how to conduct macroeconomic policy. The crisis clearly forces us to question that assessment. In this paper, we review the main elements of the pre-crisis consensus, we 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.

Subject: Asset prices, Banking, Central bank policy rate, Financial services, Fiscal policy, Inflation, Inflation targeting, Monetary policy, Prices

Keywords: Asset prices, Central bank, Central bank policy rate, Core inflation, Eastern Europe, Economic system, Inflation, Inflation expectation, Inflation neutral, Inflation rate, Inflation shock, Inflation stability, Inflation targeting, Interest rate, Interest rate rule, Monetary policy, Monetary policy action, SPN

Publication Details

Pages:

19
Volume:

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DOI:

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Issue:

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Series:

Staff Position Note No. 2010/003
Stock No:

SPNEA2010003
ISBN:

9781455224982
ISSN:

2617-6742

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