Rethinking macroeconomic policy: Getting granular

Olivier Blanchard, Giovanni Dell'Ariccia, Paolo Mauro, 31 May 2013



The global economic crisis has kept forcing policymakers and academics to rethink macroeconomic policy. First was the Lehman crisis, which showed how much they had underestimated the dangers posed by the financial system, and the limits of monetary policy. Then it was the euro crisis, which forced them to rethink the workings of currency unions, and fiscal policy.

Topics: Global crisis
Tags: macroeconomic policy

Solving the macroeconomic policy challenge in Europe

Richard Wood, 19 December 2012



Countries in Europe are either slipping into recession or experiencing worsening depression. Economies are headed in the wrong direction, and the malaise is spreading. The current orthodoxies are failing.

Topics: Macroeconomic policy
Tags: debt, macroeconomic policy, quantitative easing, Subprime

Did the Indian capital controls work as a tool of macroeconomic policy?

Ila Patnaik, Ajay Shah, 20 November 2012



The empirical literature on the effectiveness of capital controls for macroeconomic management has generally found that transitory capital controls have a relatively limited impact on the magnitude of flows (Magud et. al. 2011). Controls appear to influence the composition of capital flows, but they seem to do so only for a short time.

Topics: Macroeconomic policy
Tags: capital controls, capital flows, India, macroeconomic policy

Jackson Hole, the crisis and policy responses: A new orthodoxy

Richard Wood, 31 August 2012



Demand, output, manufacturing activity and exports are weakening in many parts of the industrialised world. Quantitative easing policies have generally run their course, as interest rates are at the zero bound or thereabouts. In the Eurozone it is questionable whether the ‘one-size-fits-all’ policy interest rate approach is helpful or meaningful, or whether it can be sustained.

Topics: Global crisis, Macroeconomic policy
Tags: Eurozone crisis, global crisis, macroeconomic policy

The future of macroeconomic policy: Nine tentative conclusions

Olivier Blanchard, 23 March 2011



The global economic crisis forces us to question our most cherished beliefs about the way we conduct macroeconomic policy. With this in mind, I have just organised, together with David Romer, Joe Stiglitz, and Michael Spence, a conference at the IMF on "Rethinking macroeconomic policy”.

Topics: Macroeconomic policy
Tags: fiscal policy, macroeconomic policy, monetary policy

International macro-finance

Anna Pavlova, Roberto Rigobon, 15 February 2011



Financial markets and their role in international risk sharing have inspired a vast body of theoretical literature. Over the past 40 years, international finance and economics has evolved into a vibrant field spreading from the basic international version of the capital asset pricing model to some of the most sophisticated dynamic stochastic general equilibrium models.

Topics: Frontiers of economic research, International finance
Tags: financial regulation, international macro finance, macroeconomic policy

Automatic stabilisers and the economic crisis in Europe and the US

Mathias Dolls, Clemens Fuest, Andreas Peichl, 17 September 2010



The big difference between the "great recession" and the "Great Depression" was government policy – especially stabilisation policy (Eichengreen and O'Rourke 2010).

Topics: Global crisis, Macroeconomic policy
Tags: automatic stabilisers, fiscal stimulus, global crisis, macroeconomic policy

Using states for macroeconomic fiscal policy

Robert P Inman, 15 September 2010



The recession of 2007 is perhaps the deepest, longest, and most damaging economic event of the last 75 years. In response, all tools of macroeconomic policy management were called into use: from direct easing of interest rates and purchasing of public and private debt to tax cuts and government spending.

Topics: Global crisis, Macroeconomic policy, Politics and economics
Tags: fiscal stimulus, global crisis, macroeconomic policy

EU Economic Integration: Lessons of the past, and what does the future hold?

17 - 19 March 2009, Dallas, Texas, USA

The Economics Interest Section of the European Union Studies Association (EUSA) and the Globalization & Monetary Policy Institute of the Federal Reserve Bank of Dallas are pleased to announce an economics workshop on European Integration. The meeting will be held at the Federal Reserve Bank of Dallas on 18-19th March, 2010 linked to a one-day public conference that the Institute is organising on 17 March on 10 years of the euro. Papers on any aspect of European economic integration are welcome, as well as papers that place European integration in the context of the ongoing globalization of trade and capital flows. Abstracts are to be sent to both Patrick Crowley at and David Mayes at by January 10th, 2010. Please indicate whether you would also be willing to serve as a chair and/or discussant.
Patrick Crowley
Dallas, Texas, USA
Closed attendance
European Union Studies Association; Federal Reserve Bank of Dallas
More information:

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Competition policy, Energy, Environment, EU institutions, EU policies, Europe's nations and regions, Exchange rates, Financial markets, Global crisis, Global economy, Global governance, Institutions and economics, International finance, International trade, Macroeconomic policy, Microeconomic regulation, Monetary policy, Politics and economics, Productivity and Innovation, Welfare state and social Europe
Competition policy, economic policy, European integration, macroeconomic policy

Curbing instability: Policy and regulation

Axel Leijonhufvud, 11 July 2009



Macroeconomic perspectives have been largely missing in the debate on how to prevent a re-run of the present crisis. In CEPR Policy Insight 36, I focus on the macroeconomic instabilities that the crisis has revealed.

Topics: Global crisis
Tags: inflation targeting, macroeconomic policy, monetary policy

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