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Rethinking Macro Policy II; Getting Granular

Author

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  • 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.

Suggested Citation

  • Olivier J Blanchard & Giovanni Dell'Ariccia & Paolo Mauro, 2013. "Rethinking Macro Policy II; Getting Granular," IMF Staff Discussion Notes 13/03, International Monetary Fund.
  • Handle: RePEc:imf:imfsdn:13/03
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    Cited by:

    1. Mouhamadou M.Ly, 2019. "South Africa’s Economic Slowdown and Its Policy Options," Policy notes & Policy briefs 1906, Policy Center for the New South.
    2. Araujo, Gustavo Silva & Leão, Sérgio, 2016. "OTC derivatives: Impacts of regulatory changes in the non-financial sector," Journal of Financial Stability, Elsevier, vol. 25(C), pages 132-149.
    3. Popoyan, Lilit & Napoletano, Mauro & Roventini, Andrea, 2017. "Taming macroeconomic instability: Monetary and macro-prudential policy interactions in an agent-based model," Journal of Economic Behavior & Organization, Elsevier, vol. 134(C), pages 117-140.
    4. Joshua Aizenman, 2016. "International Coordination and Precautionary Policies," International Economic Journal, Taylor & Francis Journals, vol. 30(3), pages 379-391, July.
    5. Osmar Jasan Bolívar Rosales, 2016. "Bolivianization And Effectiveness Of The Monetary Policy," Volúmenes de los Cuadernos de Investigacion Economica Boliviana publicados por el Ministerio de Economía y Finanzas Públicas 2016-2, Ministerio de Economía y Finanzas Publicas de Bolivia.
    6. Dirk Niepelt, 2018. "Financial Policy," Diskussionsschriften dp1802, Universitaet Bern, Departement Volkswirtschaft.
    7. Combes, Jean-Louis & Minea, Alexandru & Sow, Moussé, 2017. "Is fiscal policy always counter- (pro-) cyclical? The role of public debt and fiscal rules," Economic Modelling, Elsevier, vol. 65(C), pages 138-146.
    8. Aizenman, Joshua, 2019. "A modern reincarnation of Mundell-Fleming's trilemma," Economic Modelling, Elsevier, vol. 81(C), pages 444-454.
    9. Luis Ignacio Jácome, 2015. "Central Banking in Latin America; From the Gold Standard to the Golden Years," IMF Working Papers 15/60, International Monetary Fund.
    10. Verona, Fabio & Martins, Manuel M.F. & Drumond, Inês, 2017. "Financial shocks, financial stability, and optimal Taylor rules," Journal of Macroeconomics, Elsevier, vol. 54(PB), pages 187-207.
    11. Ekkehard Ernst & Stefan Mittnik & Willi Semmler, 2016. "Interaction of Labour and Credit Market in Growth Regimes: A Theoretical and Empirical Analysis," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 45(3), pages 393-422, November.
    12. Salim Dehmej & Leonardo Gambacorta, 2019. "Macroprudential Policy in a Monetary Union," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 61(2), pages 195-212, June.
    13. Yoon, Jong-Won & Kim, Jinill & Lee, Jungjin, 2018. "Impact of Demographic Changes on Inflation and the Macroeconomy," KDI Journal of Economic Policy, Korea Development Institute (KDI), vol. 40(1), pages 1-30.
    14. António Afonso & Luís Gonçalves, 2018. "The Policy Mix in the US and EMU: Evidence from a SVAR Analysis," Working Papers REM 2018/28, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    15. Nicholas Apergis, 2017. "Monetary Policy and Macroprudential Policy: New Evidence from a World Panel of Countries," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 79(3), pages 395-410, June.
    16. Tyler Cowen & Alex Tabarrok, 2016. "A Skeptical View of the National Science Foundation's Role in Economic Research," Journal of Economic Perspectives, American Economic Association, vol. 30(3), pages 235-248, Summer.
    17. Semmler, Willi & Tahri, Ibrahim, 2017. "Current account imbalances: A new approach to assess external debt sustainability," Economic Modelling, Elsevier, vol. 62(C), pages 161-170.
    18. Julia de Furquim Werneck Moreira & Gilberto de Assis Libânio, 2018. "Macroeconomic policies after the 2008 financial crisis: lessons from brazilian and chinese experiences," Textos para Discussão Cedeplar-UFMG 585, Cedeplar, Universidade Federal de Minas Gerais.

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