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Rethinking Macroeconomic Policy

Author/Editor: Dell'Ariccia, Giovanni | Blanchard, Olivier | Mauro, Paolo
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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.
 
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Series: Staff Position Note No. 2010/3
Subject(s): Bank credit | Bank supervision | Central bank role | Financial intermediation | Global Financial Crisis 2008-2009 | Inflation targeting | Liquidity management
 
English  
    Published:   February 12, 2010        
    ISBN/ISSN:   9781455224982   Format:   Paper
    Stock No:   SPNEA2010003   Pages:   19
    Price:   Free        
English  
    Published:   February 12, 2010        
    ISBN/ISSN:   978-1-58906-944-2 / 2072-3202   Format:   A web quality merged PDF
    Stock No:   SPNET2010003   Pages:   19
    Price:   Free        
     
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