Olivier J. Blanchard
Last Updated: November 06, 2009Mr. Blanchard is the Economic Counselor, and Director of the Research Department of the International Monetary Fund. He is also a Class of 1941 Professor at the Massachusetts Institute of Technology.
Email: oblanchard@imf.org
Fluent In: French.
Education:
1977: Ph.D. (Economics), Massachusetts Institute of Technology
1972: DES (Economics)
Employment:
2008-Present:
International Monetary Fund
Economic Counselor, and Director, Research Department
1994-Present (on leave):
Class of 1941 Professor, Massachusetts Institute of Technology
1977-2004:
Visiting Scholar, Russell Sage Foundation (2004)
Chairman, Department of Economics, Massachusetts Institute of Technology (1998-2003)
Visiting Taussig Professor, Harvard University (1997-1998)
Professor, Massachusetts Institute of Technology (1985-1993)
Associate Professor, Massachusetts Institute of Technology (1983-1985)
Associate Professor, Harvard University (1981-1983)
Assistant Professor, Harvard University (1977-1981)
Instructor, Massachusetts Institute of Technology (1977)
Other Current Positions::
Membre du Conseil d'Analyse Economique aupres du Premier Ministre, Paris, since 1997
Davidson Institute Research Fellow, since 1997
Academic Advisory Panel, Federal Reserve Bank of Boston, since 1995
Member, American Academy of Arts and Sciences, since 1990
Member, Brookings Panel on Economic Activity, since 1986
Fellow, Econometric Society, since 1985
National Science Foundation grants, since 1979
Research Associate, National Bureau of Economic Research, since 1982
IMF Books and Working Papers:
The Crisis: Basic Mechanisms and Appropriate Policies, Working Paper No. 09/80, April 01, 2009
Fiscal Policy for the Crisis, Staff Position Note No. 2008/01, January 07, 2009
IMF Publications
“Current Account Deficits in Rich Countries,” Mundell Fleming lecture, IMF Staff Papers, September 2007, Vol. 2, pp. 191-219
"Federalism with and without political centralization: China versus Russia", 2001, IMF Staff Papers, Volume 48, pp. 171-180 (with Andrei Shleifer)
Other Publications
Books
Restoring Europe's Prosperity; Macroeconomic Papers from the Centre for European Policy Studies, 1986, MIT Press (with Rudiger Dornbusch and Richard Layard)
Lectures on Macroeconomics, 1989, MIT Press (with Stanley Fischer)
World Imbalances, 1989, Wider World Economy Group Report, WIDER
Reform in Eastern Europe, Wider World Economy Group 1990 Report, 1991, WIDER and MIT Press
Competitive disinflation, the Mark, and fiscal policies in Europe, 1993, International Policy Group at OFCE, Oxford University Press
Spanish unemployment; is there a solution?, CEPR group on Spanish Unemployment, CEPR, 1995
East-West Migration, Wider World Economy Group, 1991 report, WIDER and MIT Press, 1992; also in Italian, Est-Ovest: la Grande Migrazione, Edizioni die Comunita, Milano, 1994
Pour l'Emploi et Cohesion Sociale, International Policy Group at OFCE, Presse de la Fondation Nationale des Sciences Politiques, 1994
The Transition in Eastern Europe, editor with Kenneth Froot and Jeffrey Sachs, Volumes I and II, NBER and University of Chicago Press, 1994
Taux d'interet et Chomage, International Policy Group at OFCE, Presse de la Fondation Nationale deSciences Politiques, 1993
Post Communist Reform, Wider World Economy Group 1992 report, 1993, WIDER and MIT Press
East-West Migration, Wider World Economy Group, 1991 report, WIDER and MIT Press, 1992; also in Italian, Est-Ovest: la Grande Migrazione, Edizioni die Comunita, Milano, 1994
L’Europe declassee? Collection En Temps Reel, Flammarion, Paris, 2005 (with Jean Pisani-Ferry and Charles Wyplosz)
Le Sursaut. Vers une nouvelle croissance pour la France,” 2004 (Rapport Camdessus), La Documentation Francaise (Member of the groupe de travail)
La Protection de l’Emploi, La Documentation Francaise, September 2003 (with Jean Tirole, Conseil d’Analyse Economique)
The Consequences of saying no, An independent report on the economic consequences of saying no to the euro, London, May 2003 (with David Begg and others)
Monitoring the European Central Bank: Defining a Macroeconomic Framework for the Euro Area, CEPR, 2001 (with Alberto Alesina, Jordi Gali, Francesco Giavazzi, and Harald Uhlig)
La disocupazione in Europa: Il ruolo degli shock e delle istituzioni, Lezioni Paolo Baffi di Moneta e Finanza, Banca d'Italia, Edizioni dell'Elefante, Roma, 1999
Macroeconomic Policy in the first year of Euroland, First Annual CEPS Report on the European Economy of the CEPS Macroeconomic Policy Group, December 1998 (with Daniel Gros, Guido Tabellini, Hans-Werner Sinn, Gilles Saint-Paul, Michael Emerson and Thomas Mayer)
Croissance et Chomage with Jean-Paul Fitoussi, Rapport au Conseil d’Analyse Economique, Paris, La Documentation Francaise, Janvier 1998, also as ”La croissance pour vaincre le chomage; Elements d’une nouvelle politique,” Notes de la Fondation Saint-Simon, Mars 1998
The Economics of Post-Communist Transition, Clarendon Lectures, Oxford University Press, Oxford, July 1997
Macroeconomics, Prentice Hall, 1997, 2000, 2003, 2005, 2008
Articles:
"Why are the 2000s so Different from the 1970s? A Structural Interpretation of Changes in the Macroeconomic Effects of Oil Prices," October 2009 NBER Working Paper Series No. 15467(Marianna Riggi)
"The State of Macro," 2009, NBER Working Paper No. W14259 Annual Review of Economics, Volume 1, forthcoming
"L’Etat Actuel de la Macroeconomie," 2009 Revue Francaise d’Economie, Volume 24, pp. 3-40
"The Crisis: Basic Mechanisms, and Appropriate Policies," 2009, CESIFO
"The Joint Design of Labor Market Institutions: A First Pass," March 2008, Journal of the European Economic Association (with Jean Tirole)
"Adjustment Within the Euro: The Difficult Case of Portugal," April 2007, Portuguese Economic Journal, 6-1, pp. 1-22
"European Unemployment: The Evolution of Facts and Ideas," 2006, Economic Policy, pp. 1-54
"Rebalancing growth in China:.A three-handed approach," Journal of World Economy" (in Chinese), 2006-3, pp. 4-20, also in "China and the World Economy," July-August 6, 14-4, pp. 1-20 (in English) (with Francesco Giavazzi)
"Real Rigidities and the New Keynesian Model," February 2007, Journal of Money, Credit, and Banking, pp. 35-66 (with Jordi Gali)
"The U.S. Current Account and the Dollar,” 2005, Brookings Papers on Economic Activity, 1, pp. 1-66 (with Francesco Giavazzi and Filipa Sa)
"Fiscal Dominance and Inflation Targeting: Lessons from Brazil," March 2004 (with Jean Tirole) in "Inflation Targeting, Debt, and the Brazilian Experience, 1999 to 2003," Francesco Giavazzi, Ilan Goldfajn, and Santiago Herrera eds, MIT Press, 2005, pp. 49-84
"Peut-on eliminer le chomage en Europe?" April 2004, Revue Francaise d’Economie, 18-4, pp 3-32
"Redesigning the Employment Protection System," De Economist, 152, 2004-1, pp. 1-20 (with Jean Tirole)
"The Economic Future of Europe,"2004, Journal of Economic Perspectives, pp 3-26
"Contours of Employment Protection Reform," November 2003, in "Macroeconomic theory and economic policy. Essays in honor of Jean Paul Fitoussi," Vela Velupilai ed, Routledge, 2004, pp. 48-87
"The Macroeconomic Effects of Regulation and Deregulation in Goods and Labor Markets,” August 2003,Quarterly Journal of Economics, 118-3, pp 879-909 (with Francesco Giavazzi)
"Current account deficits in the Euro Area. The end of the Feldstein Horioka puzzle?" Brookings papers on Economic Activity, 2002-2, pp. 147-209 (with Francesco Giavazzi)
"An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output," November 2002, QJE, 117-4, pp. 1329-1368 (with Roberto Perotti)
"The perverse effects of partial labor market reform: Fixed duration contracts in France," 2002, Economic Journal, (June) 112, pp. F214-244 (with Augustin Landier)
"Dynamic efficiency, the riskless rate, and debt Ponzi schemes under uncertainty," November 2002, BE Press, Advances in Macroeconomics (with Philippe Weil)
"The long and large decline in U.S. output volatility", 2001, Brookings Papers on Economic Activity, 1, pp. 135-174 (with John Simon)
"What hides behind an unemployment rate. Comparing Portuguese and US unemployment,” 2001, American Economic Review, 91-1 (March) pp. 187-207, reprinted in ``Recent Developments in Labor Economics," John Addison ed, Volume 3, Chapter 10, 241-264, Edward Elgar, 2007 (with Pedro Portugal)
"In Honor of Andrei Shleifer: Winner of the John Bates Clark Medal," 2001, Journal of Economic Perspectives, (February)
"What do we Know about Macroeconomics that Fisher and Wicksell did not?," 2000, Quarterly Journal of Economics, 115-4 (November) pp. 1375-1411, also in De Economist 148-5, 2000, pp. 571-601
"The Role of Shocks and Institutions In The Rise of European Unemployment: The Aggregate Evidence," 2000, Economic Journal, 110 (March) pp. 1-33, reprinted in “Monetary policy and unemployment. The US, Euro-area, and Japan”, Willi Semmler ed, Routledge, 2005, pp. 25-56, reprinted in ``Recent Developments in Labor Economics,” John Addison ed, Volume 3, Chapter 9, pp. 208-240, Edward Elgar, 2007
"Reducing Spanish unemployment under the EMU," 1999, in "El Euro y SUS Repercusiones Sobre la Economia Espanola," Fundacion BBV, pp. 41-90 (with Juan Francisco Jimeno)
"Wage Dynamics. Reconciling theory and evidence," 1999, AEA Proceedings, American Economic Review (May) pp. 69-74 (with Larry Katz)
"Revisiting European Unemployment: Employment, Capital Accumulation, and Factor Prices”, 1998, Geary lecture, ESRI (June)
"The Optimal Speed of Disinflation. The Case of Hungary," 1998, in C. Cottarelli and G. Szapary eds, “Moderate Inflation. The experience of Transition Economies,” IMF and National Bank of Hungary, pp. 132-149 (Washington, DC)
"A Numerical Model of Transition," 1998, in S. Commander ed, "Enterprise Restructuring and Unemployment in Models of Transition," Economic Development Institute of the World Bank, pp. 193-226 (with John Keeling)
"On Privatization Methods in Eastern Europe, and their Implications," 1998, Economics of Transition, volume 6 (1), pp. 87-99 (with Philippe Aghion)
"What We Know and Do Not Know About the Natural Rate of Unemployment," 1997, Journal of Economic Perspectives, (Winter) 11-1, pp. 51-73 (with Lawrence Katz)
"Is There a Core of Usable Macroeconomics?" 1997, American Economic Review, Papers and Proceedings, (May) 87-2, pp. 244-247, reprinted in Gospodarka Narodowa, 5-6, 1998, pp. 125-128
"Disorganization," 1997, Quarterly Journal of Economics, (November) 112-4, pp. 1091-1126 (with Michael Kremer)
"The Medium Run”, 1997, Brookings Papers on Economic Activity, 2, pp. 89-158
"On Insider Privatization," 1996, European Economic Review, 40, pp. 759-766 (with Philippe Aghion)
"Theoretical Aspects of Transition,",a> 1996, American Economic Review Papers and Proceedings, (May) pp. 117-122
"Structural unemployment: Spain versus Portugal," 1995, American Economic Review, (May) 85-2, pp. 212-218
Mr. Blanchard is the Economic Counselor, and Director of the Research Department of the International Monetary Fund. He is also a Class of 1941 Professor at the Massachusetts Institute of Technology.
Email: oblanchard@imf.org
Fluent In: French.
Education:
1977: Ph.D. (Economics), Massachusetts Institute of Technology
1972: DES (Economics)
Employment:
2008-Present:
International Monetary Fund
Economic Counselor, and Director, Research Department
1994-Present (on leave):
Class of 1941 Professor, Massachusetts Institute of Technology
1977-2004:
Visiting Scholar, Russell Sage Foundation (2004)
Chairman, Department of Economics, Massachusetts Institute of Technology (1998-2003)
Visiting Taussig Professor, Harvard University (1997-1998)
Professor, Massachusetts Institute of Technology (1985-1993)
Associate Professor, Massachusetts Institute of Technology (1983-1985)
Associate Professor, Harvard University (1981-1983)
Assistant Professor, Harvard University (1977-1981)
Instructor, Massachusetts Institute of Technology (1977)
Other Current Positions::
Membre du Conseil d'Analyse Economique aupres du Premier Ministre, Paris, since 1997
Davidson Institute Research Fellow, since 1997
Academic Advisory Panel, Federal Reserve Bank of Boston, since 1995
Member, American Academy of Arts and Sciences, since 1990
Member, Brookings Panel on Economic Activity, since 1986
Fellow, Econometric Society, since 1985
National Science Foundation grants, since 1979
Research Associate, National Bureau of Economic Research, since 1982
IMF Books and Working Papers:
The Crisis: Basic Mechanisms and Appropriate Policies, Working Paper No. 09/80, April 01, 2009
Fiscal Policy for the Crisis, Staff Position Note No. 2008/01, January 07, 2009
IMF Publications
“Current Account Deficits in Rich Countries,” Mundell Fleming lecture, IMF Staff Papers, September 2007, Vol. 2, pp. 191-219
"Federalism with and without political centralization: China versus Russia", 2001, IMF Staff Papers, Volume 48, pp. 171-180 (with Andrei Shleifer)
Other Publications
Books
Restoring Europe's Prosperity; Macroeconomic Papers from the Centre for European Policy Studies, 1986, MIT Press (with Rudiger Dornbusch and Richard Layard)
Lectures on Macroeconomics, 1989, MIT Press (with Stanley Fischer)
World Imbalances, 1989, Wider World Economy Group Report, WIDER
Reform in Eastern Europe, Wider World Economy Group 1990 Report, 1991, WIDER and MIT Press
Competitive disinflation, the Mark, and fiscal policies in Europe, 1993, International Policy Group at OFCE, Oxford University Press
Spanish unemployment; is there a solution?, CEPR group on Spanish Unemployment, CEPR, 1995
East-West Migration, Wider World Economy Group, 1991 report, WIDER and MIT Press, 1992; also in Italian, Est-Ovest: la Grande Migrazione, Edizioni die Comunita, Milano, 1994
Pour l'Emploi et Cohesion Sociale, International Policy Group at OFCE, Presse de la Fondation Nationale des Sciences Politiques, 1994
The Transition in Eastern Europe, editor with Kenneth Froot and Jeffrey Sachs, Volumes I and II, NBER and University of Chicago Press, 1994
Taux d'interet et Chomage, International Policy Group at OFCE, Presse de la Fondation Nationale deSciences Politiques, 1993
Post Communist Reform, Wider World Economy Group 1992 report, 1993, WIDER and MIT Press
East-West Migration, Wider World Economy Group, 1991 report, WIDER and MIT Press, 1992; also in Italian, Est-Ovest: la Grande Migrazione, Edizioni die Comunita, Milano, 1994
L’Europe declassee? Collection En Temps Reel, Flammarion, Paris, 2005 (with Jean Pisani-Ferry and Charles Wyplosz)
Le Sursaut. Vers une nouvelle croissance pour la France,” 2004 (Rapport Camdessus), La Documentation Francaise (Member of the groupe de travail)
La Protection de l’Emploi, La Documentation Francaise, September 2003 (with Jean Tirole, Conseil d’Analyse Economique)
The Consequences of saying no, An independent report on the economic consequences of saying no to the euro, London, May 2003 (with David Begg and others)
Monitoring the European Central Bank: Defining a Macroeconomic Framework for the Euro Area, CEPR, 2001 (with Alberto Alesina, Jordi Gali, Francesco Giavazzi, and Harald Uhlig)
La disocupazione in Europa: Il ruolo degli shock e delle istituzioni, Lezioni Paolo Baffi di Moneta e Finanza, Banca d'Italia, Edizioni dell'Elefante, Roma, 1999
Macroeconomic Policy in the first year of Euroland, First Annual CEPS Report on the European Economy of the CEPS Macroeconomic Policy Group, December 1998 (with Daniel Gros, Guido Tabellini, Hans-Werner Sinn, Gilles Saint-Paul, Michael Emerson and Thomas Mayer)
Croissance et Chomage with Jean-Paul Fitoussi, Rapport au Conseil d’Analyse Economique, Paris, La Documentation Francaise, Janvier 1998, also as ”La croissance pour vaincre le chomage; Elements d’une nouvelle politique,” Notes de la Fondation Saint-Simon, Mars 1998
The Economics of Post-Communist Transition, Clarendon Lectures, Oxford University Press, Oxford, July 1997
Macroeconomics, Prentice Hall, 1997, 2000, 2003, 2005, 2008
Articles:
"Why are the 2000s so Different from the 1970s? A Structural Interpretation of Changes in the Macroeconomic Effects of Oil Prices," October 2009 NBER Working Paper Series No. 15467(Marianna Riggi)
"The State of Macro," 2009, NBER Working Paper No. W14259 Annual Review of Economics, Volume 1, forthcoming
"L’Etat Actuel de la Macroeconomie," 2009 Revue Francaise d’Economie, Volume 24, pp. 3-40
"The Crisis: Basic Mechanisms, and Appropriate Policies," 2009, CESIFO
"The Joint Design of Labor Market Institutions: A First Pass," March 2008, Journal of the European Economic Association (with Jean Tirole)
"Adjustment Within the Euro: The Difficult Case of Portugal," April 2007, Portuguese Economic Journal, 6-1, pp. 1-22
"European Unemployment: The Evolution of Facts and Ideas," 2006, Economic Policy, pp. 1-54
"Rebalancing growth in China:.A three-handed approach," Journal of World Economy" (in Chinese), 2006-3, pp. 4-20, also in "China and the World Economy," July-August 6, 14-4, pp. 1-20 (in English) (with Francesco Giavazzi)
"Real Rigidities and the New Keynesian Model," February 2007, Journal of Money, Credit, and Banking, pp. 35-66 (with Jordi Gali)
"The U.S. Current Account and the Dollar,” 2005, Brookings Papers on Economic Activity, 1, pp. 1-66 (with Francesco Giavazzi and Filipa Sa)
"Fiscal Dominance and Inflation Targeting: Lessons from Brazil," March 2004 (with Jean Tirole) in "Inflation Targeting, Debt, and the Brazilian Experience, 1999 to 2003," Francesco Giavazzi, Ilan Goldfajn, and Santiago Herrera eds, MIT Press, 2005, pp. 49-84
"Peut-on eliminer le chomage en Europe?" April 2004, Revue Francaise d’Economie, 18-4, pp 3-32
"Redesigning the Employment Protection System," De Economist, 152, 2004-1, pp. 1-20 (with Jean Tirole)
"The Economic Future of Europe,"2004, Journal of Economic Perspectives, pp 3-26
"Contours of Employment Protection Reform," November 2003, in "Macroeconomic theory and economic policy. Essays in honor of Jean Paul Fitoussi," Vela Velupilai ed, Routledge, 2004, pp. 48-87
"The Macroeconomic Effects of Regulation and Deregulation in Goods and Labor Markets,” August 2003,Quarterly Journal of Economics, 118-3, pp 879-909 (with Francesco Giavazzi)
"Current account deficits in the Euro Area. The end of the Feldstein Horioka puzzle?" Brookings papers on Economic Activity, 2002-2, pp. 147-209 (with Francesco Giavazzi)
"An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output," November 2002, QJE, 117-4, pp. 1329-1368 (with Roberto Perotti)
"The perverse effects of partial labor market reform: Fixed duration contracts in France," 2002, Economic Journal, (June) 112, pp. F214-244 (with Augustin Landier)
"Dynamic efficiency, the riskless rate, and debt Ponzi schemes under uncertainty," November 2002, BE Press, Advances in Macroeconomics (with Philippe Weil)
"The long and large decline in U.S. output volatility", 2001, Brookings Papers on Economic Activity, 1, pp. 135-174 (with John Simon)
"What hides behind an unemployment rate. Comparing Portuguese and US unemployment,” 2001, American Economic Review, 91-1 (March) pp. 187-207, reprinted in ``Recent Developments in Labor Economics," John Addison ed, Volume 3, Chapter 10, 241-264, Edward Elgar, 2007 (with Pedro Portugal)
"In Honor of Andrei Shleifer: Winner of the John Bates Clark Medal," 2001, Journal of Economic Perspectives, (February)
"What do we Know about Macroeconomics that Fisher and Wicksell did not?," 2000, Quarterly Journal of Economics, 115-4 (November) pp. 1375-1411, also in De Economist 148-5, 2000, pp. 571-601
"The Role of Shocks and Institutions In The Rise of European Unemployment: The Aggregate Evidence," 2000, Economic Journal, 110 (March) pp. 1-33, reprinted in “Monetary policy and unemployment. The US, Euro-area, and Japan”, Willi Semmler ed, Routledge, 2005, pp. 25-56, reprinted in ``Recent Developments in Labor Economics,” John Addison ed, Volume 3, Chapter 9, pp. 208-240, Edward Elgar, 2007
"Reducing Spanish unemployment under the EMU," 1999, in "El Euro y SUS Repercusiones Sobre la Economia Espanola," Fundacion BBV, pp. 41-90 (with Juan Francisco Jimeno)
"Wage Dynamics. Reconciling theory and evidence," 1999, AEA Proceedings, American Economic Review (May) pp. 69-74 (with Larry Katz)
"Revisiting European Unemployment: Employment, Capital Accumulation, and Factor Prices”, 1998, Geary lecture, ESRI (June)
"The Optimal Speed of Disinflation. The Case of Hungary," 1998, in C. Cottarelli and G. Szapary eds, “Moderate Inflation. The experience of Transition Economies,” IMF and National Bank of Hungary, pp. 132-149 (Washington, DC)
"A Numerical Model of Transition," 1998, in S. Commander ed, "Enterprise Restructuring and Unemployment in Models of Transition," Economic Development Institute of the World Bank, pp. 193-226 (with John Keeling)
"On Privatization Methods in Eastern Europe, and their Implications," 1998, Economics of Transition, volume 6 (1), pp. 87-99 (with Philippe Aghion)
"What We Know and Do Not Know About the Natural Rate of Unemployment," 1997, Journal of Economic Perspectives, (Winter) 11-1, pp. 51-73 (with Lawrence Katz)
"Is There a Core of Usable Macroeconomics?" 1997, American Economic Review, Papers and Proceedings, (May) 87-2, pp. 244-247, reprinted in Gospodarka Narodowa, 5-6, 1998, pp. 125-128
"Disorganization," 1997, Quarterly Journal of Economics, (November) 112-4, pp. 1091-1126 (with Michael Kremer)
"The Medium Run”, 1997, Brookings Papers on Economic Activity, 2, pp. 89-158
"On Insider Privatization," 1996, European Economic Review, 40, pp. 759-766 (with Philippe Aghion)
"Theoretical Aspects of Transition,",a> 1996, American Economic Review Papers and Proceedings, (May) pp. 117-122
"Structural unemployment: Spain versus Portugal," 1995, American Economic Review, (May) 85-2, pp. 212-218