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Rethinking macroeconomic policy

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Frame of Image and Bank of Korea Seoul, Korea— February 25, 2010 The views expressed in this paper are those of the author(s) only, and the presence of them, or of links to them, on the IMF website does not imply that the IMF, its Executive Board, or its management endorses or shares the views expressed in the paper.
INTERNATIONAL MONETARY FUND Research Department Rethinking Macroeconomic Policy1 Prepared by Olivier Blanchard, Giovanni Dell’Ariccia, and Paolo Mauro Authorized for Distribution by Olivier Blanchard February 12, 2010
Disclaimer: The views expressed herein are those of the authors and should not be attributed to the IMF, its Executive Board, or its management.
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.
JEL Classification Numbers: E44, E52, E58, G38, H50 Keywords: Macroeconomic policy, macroprudential regulation, inflation targets, automatic stabilizers Authors’ Email Addresses: oblanchard@imf.org ; gdellariccia@imf.org ; pmauro@imf.org
1
One of the series of “Seoul papers” on current macro and financial issues. Olivier Blanchard is the IMF’s Economic Counsellor and Director of the Research


Full Text
Title Rethinking macroeconomic policy
Similar Titles
Material Type Report
Author(English)

Dell'Ariccia, Giovanni

Publisher

Seoul : Korea Development Institute

Date 2010-02
Series Title; No KDI/IMF Conference on Reconstructing the World Economy
Pages 22
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < General
Economy < Macroeconomics
Economy < Financial Policy
Holding KDI; KDI School of Public Policy and Management
License

Abstract

A caveat before we start: the paper focuses on general principles. How to translate these principles into specific policy advice tailored to advanced economies, emerging market countries, and developing countries is left for later. The paper also mostly stays away from some of the larger issues raised by the crisis, from the organization of the international monetary system to the general structure of financial regulation and supervision, touching on those issues only to the extent that they relate directly to the issue at hand.

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