Rethinking Macro Policy II Getting Granular

This note explores how the economic thinking about macroeconomic management has evolved since the crisis began. It discusses developments in monetary policy, including unconventional measures; the challenges associated with increased public debt; and the policy potential, risks, and institutional ch...

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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 2013
Series:Staff Discussion Notes
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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653 |a Economic policy 
653 |a Depository Institutions 
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653 |a Finance 
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653 |a Financial sector stability 
653 |a Banks and banking 
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653 |a General Financial Markets: Government Policy and Regulation 
653 |a Deflation 
653 |a Micro Finance Institutions 
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653 |a Financial Markets and the Macroeconomy 
653 |a Prices 
653 |a Macroeconomics 
653 |a Financial services industry 
653 |a Banking 
653 |a Central Banks and Their Policies 
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520 |a This note explores how the economic thinking about macroeconomic management has evolved since the crisis began. It discusses developments in monetary policy, including unconventional measures; the challenges associated with increased public debt; and the policy potential, risks, and institutional challenges associated with new macroprudential measures. Rationale: The note contributes to the ongoing debate on several aspects of macroeconomic policy. It follows up on the earlier “Rethinking” paper, refining the analysis in light of the events of the past two years. Given the relatively fluid state of the debate (e.g., recent challenges to central bank independence), it is useful to highlight that while many of the tenets of the pre-crisis consensus have been challenged, others (such as the desirability of central bank independence) remain valid