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Progress and ConfusionThe State of Macroeconomic Policy$
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Olivier Blanchard, Raghuram G. Rajan, Kenneth S. Rogoff, and Lawrence H. Summers

Print publication date: 2016

Print ISBN-13: 9780262034623

Published to MIT Press Scholarship Online: January 2017

DOI: 10.7551/mitpress/9780262034623.001.0001

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Rethinking Macro Policy: Progress or Confusion?

Rethinking Macro Policy: Progress or Confusion?

Chapter:
(p.287) 28 Rethinking Macro Policy: Progress or Confusion?
Source:
Progress and Confusion
Author(s):

Olivier Blanchard

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262034623.003.0028

The chapter reviews the rethinking of macro policies since the crisis, with a focus on macro prudential tools, monetary policy and fiscal policy. It argues that there is broad progress and confusion. There is agreement that macro prudential policies have to become part of the policy toolkit, but it is unclear which tools should be used, given the uncertainty about the future shape of the financial system. Many lessons have been learnt in monetary policy, but there is no clear agreement on key issues such as the size of the central bank balance sheet or the type of instruments. And on fiscal policy, confusion remains about what constitute safe levels of debt.

Keywords:   rethinking macro, progress, confusion, macroprudential tools, monetary policy, fiscal policy

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