Blanchard, Olivier; Giovanni Dell’Ariccia; Mauro, Paolo - In: Revista de Economía Institucional 12 (2010) January-June, pp. 61-82
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...
