Rethinking Macroeconomic Policy

By Olivier J. Blanchard, Giovanni Dell'Ariccia, Paolo Mauro. 2010

1,405 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/e84c24eb9e9fadcc51c8f2ae5db0d54f5bb7c236

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Citations in the corpus

Necessity As the Mother of Invention: Monetary Policy after the Crisis (2017, background): “When Blanchard et al. (2010) proposed to raise the inflation target, the lower bound was”
The Decline, Rebound, and Further Rise in SNAP Enrollment: Disentangling Business Cycle Fluctuations and Policy Changes (2013, neutral): “…are good policy for responding to business cycles, but there is considerable disagreement over the usefulness of discretionary fiscal policy.3 Blanchard et al. (2010) distinguish between two kinds of automatic stabilizers – progressive tax-and-transfer schedules, which have permanent fiscal…”
Growth Identification and Facilitation: The Role of the State in the Dynamics of Structural Change (2010, neutral): “…development history and economic theory is straightforward: the government’s policy to facilitate industrial upgrading and diversification must be anchored in 1 See for instance Blanchard et al. (2010), Krugman (2009) or Monga (2009).”
Real interest rates, leverage, and bank risk-taking (2014, background): “The findings in this paper bear on the debate about how to integrate macro-prudential regulation into the monetary policy framework to meet the twin objectives of price and financial stability (see, for example, Blanchard, Dell’Ariccia, and Mauro [15]).”
Fiscal Rules and the Sovereign Default Premium (2022, positive): “1For instance, in an IMF Staff Position Note, Blanchard et al. (2010) argue that “A key lesson from the crisis is the desirability of fiscal space to run larger fiscal deficits when needed.””
Downward Nominal Wage Rigidity and the Case for Temporary Inflation in the Eurozone (2013, result): “This prediction of our model differs from related work suggesting that current inflation targets in developed countries are too low and should be raised to better deal with crises (Summers, 1991; Blanchard et al., 2010).”
Determinants of Bank Interest Margins: Impact of Maturity Transformation (2015, positive): “Blanchard et al., 2010). Such a change in central bank policy would directly result in the aforementioned types of IRR. Seminal models such as Ho and Saunders (1981) and Froot and Stein (1998) imply that banks should charge intermediation fees for risks they keep on-balance.”
Optimal Monetary and Prudential Policies (2017, background): “More specifically, the risky technology is inefficient in the sense that, for all realizations of φt, η R t and Ψt, (1− φt) exp ( η t ) ≤ 1−Ψt, (8) where Ψt > 0 is the exogenous marginal resource cost of monitoring a capital producer who claims to use the safe technology.”
Policy Uncertainty in Japan (2017, neutral): “(2005), Bloom et al. (2007), Bloom (2009), Aastveit et al.”
What do we know about the effects of macroprudential policy (2018, neutral): “In terms of the perimeter of macroprudential policy, macroprudential instruments are commonly viewed as distinct from other macroeconomic tools that can support financial stability, such as monetary and fiscal policy (Blanchard et al, 2010; Borio, 2009; Caruana, 2010).”
The Case for a Long-Run Inflation Target of Four Percent (2014, background): “A number of economists have suggested a four percent inflation target, notably Blanchard et al (2010).”
Bank Leverage and Monetary Policy's Risk-Taking Channel (2013, neutral): “The findings in this paper bear on the debate about how to integrate macro-prudential regulation into the monetary policy framework to meet the twin objectives of price and financial stability (see, for example, Blanchard et al. (2009)).”
Can non-interest rate policies stabilize housing markets? Evidence from a panel of 57 economies (2016, background): “Bernanke & Gertler (1999), Blanchard et al. (2010), Galı́ (2013), Ito (2010), Posen (2006) and Svensson (2010)). Others have argued that there is a role for interest rate policy in ensuring financial stability (e.g. Borio (2011), Eichengreen et al. (2011), King (2013), Mishkin (2011), Stein (2013) a”
Monetary and Macroprudential Policy in an Estimated DSGE Model of the Euro Area (2013, background): “We provide a quantitative study on how monetary and macroprudential measures could interact in the euro area, 1See Blanchard et al. (2010).”