Series: IMF Staff Position Notes
Author(s): Olivier Blanchard , Giovanni Dell'Ariccia , and Paolo Mauro
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 12 February 2010
Keywords: Bank credit, Bank regulations, Bank supervision, Central bank role, Economic policy, Economic stabilization, Financial crisis, Financial intermediation, Fiscal policy, Inflation targeting
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...