SECTION II. Redesigning the Macro Framework
Author:
Mr. Olivier J Blanchard
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Language:
English
Keywords:
SEM; financial system risk; monetary policy; market; bank assets; dollar; FX liquidity insurance scheme; monetary policy action; market participant; Inflation; Currencies; Current account deficits; International monetary system; Global; Asia and Pacific; Europe; Eastern Europe; Central and Eastern Europe
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Abstract

It was tempting for macroeconomists and policymakers alike to take much of the credit for the steady decrease in cyclical fluctuations from the early 1980s on and to conclude that we knew how to conduct macroeconomic policy. We did not resist temptation. The crisis clearly forces us to question our earlier assessment.

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Cover Reconstructing the World Economy
Reconstructing the World Economy
Author:
Il SaKong
and
Mr. Olivier J Blanchard
ISBN:
9781589069770
Publication Date:
19 Jul 2010
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781589069770.072
Pages:
152