Rethinking Macroeconomic Policy

2010/01/01 by OLIVIER BLANCHARD, Olivier Blanchard, GIOVANNI DELL’ARICCIA +3 · 2 citations
Economics, Econometrics and Finance · #Banking stability, regulation, efficiency #Computer science #Economic Theory and Policy #Economics #Global Financial Crisis and Policies #Great Moderation #Keynesian economics #Moderation #Monetary policy

paper · pdf · doi:10.1111/j.1538-4616.2010.00334.x

openalex publication_date 2010/01/01 · openalex created_date 2025/10/10 · openalex updated_date 2026/07/15

Abstract

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 precrisis consensus, identify where we were wrong and what tenets of the precrisis framework still hold, and take a tentative first pass at the contours of a new macroeconomic policy framework.

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