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The State of Macro

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  • Olivier Blanchard

    ()
    (Department of Economics, MIT and NBER, Cambridge, Massachusetts 02142)

Abstract

For a long while after the explosion of macroeconomics in the 1970s, the field looked like a battlefield. Over time, however, mainly because facts do not go away, a largely shared vision both of fluctuations and of methodology has emerged. Not everything is fine. Like all revolutions, this one has come with the destruction of some knowledge, and it suffers from extremism and herding. None of this is deadly, however. The state of macro is good.

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Bibliographic Info

Article provided by Annual Reviews in its journal Annual Review of Economics.

Volume (Year): 1 (2009)
Issue (Month): 1 (05)
Pages: 209-228

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Handle: RePEc:anr:reveco:v:1:y:2009:p:209-228

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Keywords: macroeconomics; shocks; propagation mechanisms; fluctuations;

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References

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  1. Olivier Blanchard & Jordi Galí, 2005. "Real Wage Rigidities and the New Keynesian Model," Working Papers 243, Barcelona Graduate School of Economics.
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  1. Blanchard's sad state of macroeconomics
    by Economic Logician in Economic Logic on 2008-10-21 15:04:00
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