Rethinking macro policy

Olivier Blanchard, Giovanni Dell'Ariccia, Paolo Mauro, 16 February 2010

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The great moderation (Gali and Gambetti 2009) 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.

Topics: Macroeconomic policy
Tags: financial regulation and macroeconomic policy, inflation targetting, pre-crisis macro concensus

Why central banking is no longer boring

Guido Tabellini, 23 June 2008

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Until a year ago, central bankers could boast with satisfaction that monetary policy had become boring. A widely shared “best practice” was followed by almost all central banks. Any controversies concerned technical nuances that were really only relevant to professionals in the field. Then came the credit crisis – and all certainties went out the window.

Topics: Monetary policy
Tags: Central Banks, ECB, Federal Reserve, inflation, inflation targetting

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