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
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.