Rethinking Macroeconomic Policy

The great moderation lulled macroeconomists and policymakers alike in the belief that we knew how to conduct macroeconomic policy. The crisis clearly forces us to question that assessment. In this paper, we review the main elements of the pre-crisis consensus, we 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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Year of publication:	2010-02-12
Authors:	Dell'Ariccia, Giovanni ; Blanchard, Olivier J. ; Mauro, Paolo
Institutions:	International Monetary Fund (IMF)
Subject:	Bank credit \| Bank supervision \| Central bank role \| Financial intermediation \| Global Financial Crisis 2008-2009 \| Inflation targeting \| Liquidity management \| monetary policy \| low inflation \| inflation rate \| foreign exchange \| foreign currency \| nominal interest rate \| money growth \| nominal interest rates \| financial stability \| average inflation \| aggregate demand \| monetary fund \| monetary policy decisions \| costs of inflation \| real rates \| money balances \| international monetary system \| stock market crash \| inflation tax \| real money \| real interest rates \| optimal monetary policy \| percent inflation \| expansionary monetary policy \| inflation rates \| measure of inflation \| rates of inflation \| relative prices

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Extent:	application/pdf
Series:	IMF Staff Position Notes.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series IMF Staff Position Notes Number 2010/03 1 pages long
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010790474