Convergence? Thoughts about the Evolution of Mainstream Macroeconomics over the Last 40 Years by Olivier Blanchard published by PIIE (5/2025). This year marks the 40th anniversary of the NBER Macro Annual Conference, founded in 1986. This paper reviews the…
Convergence? Thoughts about the Evolution of Mainstream Macroeconomics over the Last 40 Years by Olivier Blanchard published by PIIE (5/2025). This year marks the 40th anniversary of the NBER Macro Annual Conference, founded in 1986. This paper reviews the…
Reconciling the tension between green spending and debt Sustainability by Olivier Blanchard published by PIIE (12/2023) “Governments in advanced economies face two major challenges. The first is the need to fight global warming. The Paris Agreement calls for limiting…
Fiscal Policy under Low Interest Rates by Olivier Blanchard published by MIT Press Direct (2023). Rethinking fiscal and monetary policy in an economic environment of high debt and low interest rates. Policy makers in advanced economies find themselves in…
Major future economic challenges by Olivier Blanchard, Jean Tirole published by VOXEU (3/2022). A report generated by a commission of 24 distinguished economists focuses on three structural challenges for the global economy. The column sets out some of the conclusions….
Why low interest rates force us to revisit the scope and role of fiscal policy: 45 takeaways by Olivier Blanchard published by PIIE (12/2021) “Over the last decade, it has become obvious that the decline in real interest rates…
Redesigning EU fiscal rules: From rules to standards by Olivier Blanchard, Álvaro Leandro and Jeromin Zettelmeyer published by PIIE (2/2021). “The European Union’s fiscal rules have been suspended until at least the end of 2021. When they are reinstated, they will need to…
Further Thoughts on DSGE Models by Olivier Blanchard published by PIIE (10/2013) “What we agree on and what we do not A number of economists have recently written about the pros and cons of dynamic stochastic general equilibrium models…
Public Debt and Low Interest Rates by Olivier Blanchard published by PIIE (2/2020). “Blanchard develops four main arguments concerning the costs of public debt when safe interest rates are low. First, the current US situation in which safe interest…
A New Policy Toolkit Is Needed as Countries Exit COVID-19 Lockdowns by Olivier Blanchard, Thomas Philippon, and Jean Pisani-Ferry indicated by Alvaro Manoel published by PIIE (6/2020) . “When it became clear that the COVID-19 pandemic required widespread lockdown…
