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Repensar la política macroeconómica

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  • Olivier Blanchard

    ()
    (Fondo Monetario Internacional)

  • Giovanni Dell’Ariccia

    ()
    (Fondo Monetario Internacional)

  • Paolo Mauro

    ()
    (Fondo Monetario Internacional)

Abstract

The great moderation lulled macroeconomists and policymakers alike in the belief that we knew how to conduct macroeconomic policy. The crisis clearly forces to question that assessment. This paper reviews the main elements of the pre-crisis consensus, 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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File URL: http://www.uexternado.edu.co/facecono/ecoinstitucional/workingpapers/oblanchard22.pdf
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Bibliographic Info

Article provided by Universidad Externado de Colombia - Facultad de Economía in its journal Revista de Economía Institucional.

Volume (Year): 12 (2010)
Issue (Month): 22 (January-June)
Pages: 61-82

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Handle: RePEc:rei:ecoins:v:12:y:2010:i:22:p:61-82

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Keywords: macroeconomic policy; macroprudential regulation; inflation targets; automatic stabilizers;

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  1. James H. Stock & Mark W. Watson, 2002. "Has the Business Cycle Changed and Why?," NBER Working Papers 9127, National Bureau of Economic Research, Inc.
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