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Rethinking Macro Policy II

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Author Info

  • Olivier J. Blanchard
  • Giovanni Dell'Ariccia
  • Paolo Mauro

Abstract

This note explores how the economic thinking about macroeconomic management has evolved since the crisis began. It discusses developments in monetary policy, including unconventional measures; the challenges associated with increased public debt; and the policy potential, risks, and institutional challenges associated with new macroprudential measures. Rationale: The note contributes to the ongoing debate on several aspects of macroeconomic policy. It follows up on the earlier “Rethinking” paper, refining the analysis in light of the events of the past two years. Given the relatively fluid state of the debate (e.g., recent challenges to central bank independence), it is useful to highlight that while many of the tenets of the pre-crisis consensus have been challenged, others (such as the desirability of central bank independence) remain valid.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Staff Discussion Notes with number 13/003.

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Length: 26
Date of creation: 15 Apr 2013
Date of revision:
Handle: RePEc:imf:imfsdn:13/003

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Related research

Keywords: Monetary policy; Central banks; Inflation targeting; Liquidity; Interest rates; Capital flows; Fiscal policy; Public debt; Fiscal consolidation; Macroprudential Policy; Stabilization measures; Inflation targets; Zero lower bound; Fiscal multipliers; Financial stability; monetary fund; aggregate demand; real interest rates; foreign exchange; macroeconomic stability; monetary policies; money supply; nominal interest rates; inflation rate; high interest rates; monetary base; open market operations; monetary expansion; real rates; rate of inflation; treasury bonds; inflation targeting framework; monetary authority; price level; percent inflation; cost of credit; fall in inflation; monetary policy strategy; foreign currency; monetary stability; monetary stance; inflation rates; real value;

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References

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  1. Jinjarak, Yothin & Noy, Ilan & Zheng, Huanhuan, 2013. "Capital controls in Brazil – Stemming a tide with a signal?," Journal of Banking & Finance, Elsevier, Elsevier, vol. 37(8), pages 2938-2952.
  2. Giovanni Dell'Ariccia & Pau Rabanal & Christopher W. Crowe & Deniz Igan, 2011. "Policies for Macrofinancial Stability," IMF Staff Discussion Notes 11/02, International Monetary Fund.
  3. Alisdair McKay & Ricardo Reis, 2013. "The Role of Automatic Stabilizers in the U.S. Business Cycle," NBER Working Papers 19000, National Bureau of Economic Research, Inc.
  4. Carmen M. Reinhart & M. Belen Sbrancia, 2011. "The Liquidation of Government Debt," BIS Working Papers 363, Bank for International Settlements.
  5. Claudio Borio & Ilhyock Shim, 2007. "What can (macro-)prudential policy do to support monetary policy?," BIS Working Papers 242, Bank for International Settlements.
  6. Patrick A. Imam & Erlend Nier & Luis Ignacio Jácome, 2012. "Building Blocks for Effective Macroprudential Policies in Latin America," IMF Working Papers 12/183, International Monetary Fund.
  7. Marcos Chamon & Marcio Garcia, 2013. "Capital controls in Brazil: effective?," Textos para discussão, Department of Economics PUC-Rio (Brazil) 606, Department of Economics PUC-Rio (Brazil).
  8. Perotti, Roberto, 2011. "The "Austerity Myth": Gain without Pain?," CEPR Discussion Papers, C.E.P.R. Discussion Papers 8658, C.E.P.R. Discussion Papers.
  9. Roberto Perotti, 2011. "The "Austerity Myth": Gain Without Pain?," NBER Working Papers 17571, National Bureau of Economic Research, Inc.
  10. Roberto Perotti, 2011. "The "Austerity myth": Gain Without Pain?," BIS Working Papers 362, Bank for International Settlements.
  11. Blanchard, Olivier, 2012. "Monetary Policy in the Wake of the Crisis," MIT Press Book Chapters, The MIT Press, in: In the Wake of the Crisis: Leading Economists Reassess Economic Policy, edition 1, volume 1, chapter 1, pages 7-13 The MIT Press.
  12. repec:mtp:titles:026201761x-01 is not listed on IDEAS
  13. Roberto Perotti, 2011. "The "Austerity Myth": Gain without Pain?," Working Papers 430, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
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Citations

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Cited by:
  1. José Francisco Bellod Redondo, 2013. "La NAIRU y la pseudociencia neoliberal," Revista de Economía Crítica, Asociación de Economía Crítica, Asociación de Economía Crítica, vol. 16, pages 18-43.
  2. Bluhm, Marcel & Faia, Ester & Krahnen, Jan Pieter, 2014. "Monetary policy implementation in an interbank network: Effects on systemic risk," SAFE Working Paper Series 46, Research Center SAFE - Sustainable Architecture for Finance in Europe, Goethe University Frankfurt.

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