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Rethinking Macro Policy II; Getting Granular

Olivier Blanchard (), Giovanni Dell'ariccia () and Paolo Mauro ()

No 13/03, IMF Staff Discussion Notes from International Monetary Fund

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.

Keywords: Financial stability; Fiscal consolidation; Central banks and their policies; Central banks; Capital flows; Public debt; Stabilization measures; Fiscal policy; Inflation targeting; Monetary policy; Interest rates; Liquidity; Macroprudential Policy; Inflation targets, Zero lower bound, Fiscal multipliers, inflation, central bank, monetary fund, Financial Markets and the Macroeconomy, Monetary Policy (Targets, Instruments, and Effects), Government Policy and Regulation, General, (search for similar items in EconPapers)
Date: 2013-04-15
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