Rethinking Macroeconomic Policy ( IMF Staff Position Notes )

Publication series ： IMF Staff Position Notes

Author： Mr. Giovanni Dell'Ariccia Olivier J. Blanchard Mr. Paolo Mauro

Publisher： INTERNATIONAL MONETARY FUND‎

Publication year： 2010

E-ISBN: 9781589069442

P-ISBN(Paperback): 9781455224982

Subject： F820.5 Inflation

Keyword： Bank credit,Bank supervision,Central bank role,Financial intermediation,Global Financial Crisis 2008-2009,Inflation targeting,Liquidity management,Macroeconomic policy,macroprudential regulation,inflation targets,automatic stabilizers

Language： ENG

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Description

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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