Rethinking Macroeconomic Policy: Oliver Blanchard


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 talk, Olivier Blanchard reviewed the main elements of the precrisis consensus, identified where we were wrong and what tenets of the precrisis framework still hold, and sketched out the contours of a new macroeconomic policy framework. 



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