{
  "title": "Rethinking Macroeconomic Policy",
  "publication": "IMF Staff Position Notes, February 12, 2010",
  "sourceUrl": "https://www.imf.org/en/publications/imf-staff-position-notes/issues/2016/12/31/rethinking-macroeconomic-policy-23513",
  "canonical": "https://www.imf.org/en/publications/imf-staff-position-notes/issues/2016/12/31/rethinking-macroeconomic-policy-23513",
  "overlayPath": "/en/publications/imf-staff-position-notes/issues/2016/12/31/rethinking-macroeconomic-policy-23513/index.md",
  "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.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Authors: Olivier J Blanchard, Giovanni Dell'Ariccia, Paolo Mauro\n- Publication date: February 12, 2010\n- Summary: The paper reviews the main elements of the pre-crisis consensus, identifies where that framework was wrong and what tenets still hold, and takes a tentative first pass at the contours of a new macroeconomic policy framework."
    },
    {
      "heading": "Main analytical focus",
      "content": "- Review of the pre-crisis macroeconomic policy consensus.\n- Identification of failings in the pre-crisis framework exposed by the crisis.\n- Assessment of which tenets of the pre-crisis framework remain valid.\n- Tentative proposal of the contours of a new macroeconomic policy framework."
    },
    {
      "heading": "Key findings and contributions",
      "content": "- The \"great moderation\" created a false sense of confidence among macroeconomists and policymakers about how to conduct macroeconomic policy.\n- The crisis forces a reexamination of the pre-crisis consensus.\n- The paper explicitly:\n  - reviews the main elements of the pre-crisis consensus;\n  - identifies where the pre-crisis assessment was wrong;\n  - identifies tenets of the pre-crisis framework that still hold;\n  - takes a tentative first pass at defining a new macroeconomic policy framework."
    },
    {
      "heading": "Policy implications and recommendations (tentative)",
      "content": "- Reassess established macroeconomic policy rules and doctrines in light of crisis experience.\n- Retain and reaffirm tenets of the pre-crisis framework that remain valid, while modifying or discarding those proven inadequate.\n- Begin development of a revised macroeconomic policy framework reflecting lessons from the crisis (presented as a tentative first pass).\n\n---\n\n Content in this bundle\n\n- spn1003\n  - spn1003 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - spn1003 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/imf-staff-position-notes/issues/2016/12/31/rethinking-macroeconomic-policy-23513"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/imf-staff-position-notes/issues/2016/12/31/rethinking-macroeconomic-policy-23513/index.md)",
    "[Structured JSON version](/en/publications/imf-staff-position-notes/issues/2016/12/31/rethinking-macroeconomic-policy-23513/index.json)",
    "[Bundle manifest](/en/publications/imf-staff-position-notes/issues/2016/12/31/rethinking-macroeconomic-policy-23513/bundle-manifest.json)",
    "Authors: Olivier J Blanchard, Giovanni Dell'Ariccia, Paolo Mauro",
    "Published: February 12, 2010",
    "Series: IMF Staff Position Notes",
    "DOI: https://doi.org/10.5089/9781455224982.004",
    "Authors: Olivier J Blanchard, Giovanni Dell'Ariccia, Paolo Mauro",
    "Publication date: February 12, 2010",
    "Summary: The paper reviews the main elements of the pre-crisis consensus, identifies where that framework was wrong and what tenets still hold, and takes a tentative first pass at the contours of a new macroeconomic policy framework.",
    "Review of the pre-crisis macroeconomic policy consensus.",
    "Identification of failings in the pre-crisis framework exposed by the crisis.",
    "Assessment of which tenets of the pre-crisis framework remain valid.",
    "Tentative proposal of the contours of a new macroeconomic policy framework.",
    "The \"great moderation\" created a false sense of confidence among macroeconomists and policymakers about how to conduct macroeconomic policy.",
    "The crisis forces a reexamination of the pre-crisis consensus.",
    "The paper explicitly:",
    "Reassess established macroeconomic policy rules and doctrines in light of crisis experience.",
    "Retain and reaffirm tenets of the pre-crisis framework that remain valid, while modifying or discarding those proven inadequate.",
    "Begin development of a revised macroeconomic policy framework reflecting lessons from the crisis (presented as a tentative first pass).",
    "**_spn1003**"
  ],
  "related": [
    {
      "title": "_spn1003",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/spn/2010/_spn1003.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/spn/2010/_spn1003.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/spn/2010/_spn1003.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/imf-staff-position-notes/issues/2016/12/31/rethinking-macroeconomic-policy-23513/index.md",
    "json": "/en/publications/imf-staff-position-notes/issues/2016/12/31/rethinking-macroeconomic-policy-23513/index.json",
    "bundleManifest": "/en/publications/imf-staff-position-notes/issues/2016/12/31/rethinking-macroeconomic-policy-23513/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-21T15:13:15.202Z"
}