Rethinking Macroeconomic Policy

Business & Finance, Economics, Money & Monetary Policy, Macroeconomics
Cover of the book Rethinking Macroeconomic Policy by Giovanni Mr. Dell'Ariccia, Olivier Blanchard, Paolo Mr. Mauro, INTERNATIONAL MONETARY FUND
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Author: Giovanni Mr. Dell'Ariccia, Olivier Blanchard, Paolo Mr. Mauro ISBN: 9781452789675
Publisher: INTERNATIONAL MONETARY FUND Publication: February 12, 2010
Imprint: INTERNATIONAL MONETARY FUND Language: English
Author: Giovanni Mr. Dell'Ariccia, Olivier Blanchard, Paolo Mr. Mauro
ISBN: 9781452789675
Publisher: INTERNATIONAL MONETARY FUND
Publication: February 12, 2010
Imprint: INTERNATIONAL MONETARY FUND
Language: English
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.
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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.

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