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Evolutions and Contradictions in Mainstream Macroeconomics: The Case of Olivier Blanchard

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  • Emiliano Brancaccio
  • Francesco Saraceno

Abstract

This article traces the complex intellectual path of Olivier Blanchard, a personification of the controversial evolution of macroeconomic research over the last three decades. After contributing to consolidation of the core of mainstream macroeconomics, Blanchard recently suggested ‘rethinking’ some of its key aspects to take stock of the lessons of the 2008 Great Recession, which he witnessed as the International Monetary Fund’s Chief Economist. This welcome discussion, which according to Blanchard should open mainstream macroeconomics to heterodox thinking, has so far produced a certainly interesting albeit theoretically contradictory synthesis and limited policy consequences. The most paradigmatic aspect of this rethinking of macroeconomics is represented by the abandonment in teaching of aggregate supply and demand in favor of a revival of the IS–LM model complemented by the Phillips curve. While this change of perspective does allow for the instability of ‘natural’ equilibrium to be emphasized, a deeper reading may prove incompatible with the neoclassical foundations of the mainstream approach.

Suggested Citation

  • Emiliano Brancaccio & Francesco Saraceno, 2017. "Evolutions and Contradictions in Mainstream Macroeconomics: The Case of Olivier Blanchard," Review of Political Economy, Taylor & Francis Journals, vol. 29(3), pages 345-359, July.
    • Handle: RePEc:taf:revpoe:v:29:y:2017:i:3:p:345-359
    DOI: 10.1080/09538259.2017.1330378
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    Cited by:

    1. Eugenio Caverzasi & Alberto Russo, 2018. "Toward a new microfounded macroeconomics in the wake of the crisis," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 27(6), pages 999-1014.
    2. Akhabbar, Amanar, 2019. "Introduction : Malaise dans la science économique ? [Introduction: Economics and Its Discontents]," MPRA Paper 93328, University Library of Munich, Germany.
    3. Emiliano Brancaccio, 2019. "Sulle condizioni per una rivoluzione della teoria e della politica economica (On the conditions for a revolution of economic theory and policy)," Moneta e Credito, Economia civile, vol. 72(287), pages 197-206.
    4. Paolo Paesani, 2020. "Review of 'Banks and Finance in Modern Macroeconomics', by Bruna Ingrao and Claudio Sardoni, Edward Elgar, 2019," Annals of the Fondazione Luigi Einaudi. An Interdisciplinary Journal of Economics, History and Political Science, Fondazione Luigi Einaudi, Torino (Italy), vol. 54(1), pages 267-274, June.
    5. Francesco Sergi, 2020. "The Standard Narrative about DSGE Models in Central Banks’ Technical Reports," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 27(2), pages 163-193, March.
    6. Emiliano Brancaccio & Mauro Gallegati & Raffaele Giammetti, 2022. "Neoclassical influences in agent‐based literature: A systematic review," Journal of Economic Surveys, Wiley Blackwell, vol. 36(2), pages 350-385, April.

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