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Rethinking Macroeconomic Policy

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 wha...

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Bibliographic Details
Main Author: Blanchard, Olivier
Other Authors: Dell'Ariccia, Giovanni, Mauro, Paolo
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2010
Series:IMF Staff Position Notes
Subjects:
Depository Institutions
Interest Rates
Inflation
Banks
Corporate Finance And Governance: Government Policy And Regulation
Banks And Banking
Monetary Economics
Inflation Targeting
Financial Services
Deflation
Micro Finance Institutions
Fiscal Policy
Mortgages
National Government Expenditures And Related Policies: General
Asset Prices
Price Level
Financial Markets And The Macroeconomy
Prices
Macroeconomics
Monetary Policy
Banking
Interest Rates: Determination, Term Structure, And Effects
Central Banks And Their Policies
Public Finance
Money And Monetary Policy
Central Bank Policy Rate
United States
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Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
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
Physical Description:19 pages
ISBN:9781455224982

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