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Repensar la política macroeconómica


  • Olivier Blanchard

    () (Fondo Monetario Internacional)

  • Giovanni Dell’Ariccia

    () (Fondo Monetario Internacional)

  • Paolo Mauro

    () (Fondo Monetario Internacional)


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.

Suggested Citation

  • Olivier Blanchard & Giovanni Dell’Ariccia & Paolo Mauro, 2010. "Repensar la política macroeconómica," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 12(22), pages 61-82, January-J.
  • Handle: RePEc:rei:ecoins:v:12:y:2010:i:22:p:61-82

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    References listed on IDEAS

    1. James H. Stock & Mark W. Watson, 2003. "Has the Business Cycle Changed and Why?," NBER Chapters,in: NBER Macroeconomics Annual 2002, Volume 17, pages 159-230 National Bureau of Economic Research, Inc.
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    More about this item


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

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General


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