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Olivier Blanchard Macroeconomics: A Deep Dive into Modern Economic Thought
Introduction:
Stepping into the world of macroeconomics can feel like navigating a dense jungle. But what if you had a seasoned guide, someone who has shaped the field's understanding for decades? That's precisely what Olivier Blanchard offers. This comprehensive post delves into the contributions of Olivier Blanchard to the field of macroeconomics, exploring his key concepts, influential textbooks, and lasting impact on economic policy. We'll dissect his work, examining how he's challenged conventional wisdom and continues to inform current economic debates. Get ready to unravel the intricacies of modern macroeconomics through the lens of this leading economist.
Olivier Blanchard: A Pioneer in Macroeconomic Thought
Olivier Jean Blanchard is a highly influential figure in the field of macroeconomics. His career has spanned decades, marked by groundbreaking research, insightful teaching, and impactful contributions to economic policy. His work has been instrumental in shaping our understanding of macroeconomic phenomena, from inflation and unemployment to fiscal and monetary policy. He's not just a theorist; his work is practically applied, influencing policymakers globally.
Key Contributions and Concepts:
Blanchard's contributions aren't confined to a single area. He's made significant advancements across various aspects of macroeconomics. His research on:
The Phillips Curve: Blanchard's work has expanded our understanding of the relationship between inflation and unemployment, challenging and refining the traditional Phillips Curve model. He's incorporated elements like expectations and supply shocks to create more realistic and nuanced representations of this crucial macroeconomic relationship.
Fiscal Policy: His research on the effectiveness of fiscal policy during economic downturns is especially relevant. He's explored the impact of government spending and taxation on aggregate demand and the overall economy, offering crucial insights for policy-makers grappling with recessionary pressures.
International Macroeconomics: Blanchard has also significantly contributed to our understanding of international macroeconomic issues, including exchange rate dynamics, international capital flows, and the global macroeconomic environment. His work often considers the interconnectedness of national economies and the implications for global stability.
Expectations and Rationality: Blanchard's work incorporates the role of expectations in economic decision-making. He has explored how agents' expectations about future economic conditions influence current behavior, adding another layer of complexity and realism to macroeconomic models.
The Impact of Blanchard's Textbooks
Blanchard's influence extends beyond his research papers. His textbooks, notably "Macroeconomics" (co-authored with David Romer) and "Macroeconomics: A European Perspective," are widely considered standard texts in undergraduate and graduate economics programs worldwide. These books are renowned for their clarity, accessibility, and ability to bridge the gap between theoretical concepts and real-world applications. They have educated generations of economists and continue to be essential resources for students and professionals alike.
Beyond the Textbook: Policy Influence
Blanchard's impact transcends academia. He has served as Chief Economist at the International Monetary Fund (IMF), where he directly influenced global economic policy. His insights and analyses were crucial during periods of economic crisis, providing guidance to governments and international organizations navigating challenging macroeconomic environments. His time at the IMF underscores the practical application of his theoretical work.
Olivier Blanchard: Shaping the Future of Macroeconomics
The work of Olivier Blanchard continues to resonate in contemporary macroeconomic discussions. His contributions have fundamentally shaped our understanding of crucial economic phenomena and provided valuable frameworks for policy analysis. His emphasis on incorporating realistic assumptions into models, acknowledging the complexities of economic interactions, and integrating empirical evidence has been instrumental in improving the relevance and applicability of macroeconomic theory. He stands as a testament to the power of rigorous research and its ability to inform and improve economic policy.
Conclusion:
Olivier Blanchard’s influence on macroeconomics is undeniable. Through his groundbreaking research, widely adopted textbooks, and impactful policy roles, he has left an enduring legacy. Understanding his contributions is essential for anyone seeking to grasp the complexities of modern macroeconomic theory and its application to real-world economic challenges. His work serves as a cornerstone for future generations of economists and policymakers.
FAQs:
1. What is Olivier Blanchard's most significant contribution to macroeconomics? While pinpointing one single contribution is difficult given the breadth of his work, his impactful research on the Phillips Curve and its evolution, coupled with his contributions to our understanding of fiscal policy and international macroeconomics, arguably hold the most significant weight.
2. Where can I find Olivier Blanchard's publications? A comprehensive list of his publications can be found on the websites of various universities he's been affiliated with, along with databases like JSTOR and Google Scholar.
3. How accessible are Blanchard's textbooks for students without a strong economics background? While requiring a degree of quantitative literacy, his textbooks are generally praised for their clarity and use of real-world examples, making them more accessible than many other macroeconomic texts.
4. What are some of the criticisms leveled against Blanchard's work? Like any influential economist, Blanchard’s work has faced criticism. Some argue that his models, while sophisticated, still simplify certain aspects of reality. Others may challenge specific policy recommendations stemming from his research. However, these criticisms should be seen in the context of the ongoing evolution and refinement of macroeconomic thought.
5. How has Olivier Blanchard's work influenced current economic policy debates? His work has influenced debates surrounding fiscal stimulus, monetary policy responses to economic shocks, and the management of international financial crises. His research provides a robust theoretical basis for policymakers to consider when making decisions in complex economic environments.
| olivier blanchard macroeconomics: Macroeconomics Olivier Blanchard, David R. Johnson, 2012-07-13 Blanchard presents a unified and global view of macroeconomics, enabling students to see the connections between the short-run, medium-run, and long-run. From the major economic crisis to the budget deficits of the United States, the detailed boxes in this text have been updated to convey the life of macroeconomics today and reinforce the lessons from the models, making them more concrete and easier to grasp. |
| olivier blanchard macroeconomics: Macroeconomics Olivier Blanchard, 2021 This print textbook is available for students to rent for their classes. The Pearson print rental program provides students with affordable access to learning materials, so they come to class ready to succeed. For intermediate courses in economics. A unified view of the latest macroeconomic events In Macroeconomics, Blanchard presents an integrated, global view of macroeconomics, enabling students to see the connections between goods markets, financial markets, and labor markets worldwide. Organized into two parts, the text contains a core section that focuses on short-, medium-, and long-run markets and two major extensions that offer more in-depth coverage of the issues at hand. From the major economic crisis that engulfed the world in the late 2000s, to monetary policy in the US, to the problems of the Euro area, and growth in China, the text helps students make sense not only of current macroeconomic events but also of those that may unfold in the future. Integrated, detailed boxes in the 8th Edition have been updated to convey the life of macroeconomics today, reinforce lessons from the models, and help students employ and develop their analytical and evaluative skills. Also available with MyLab Economics By combining trusted author content with digital tools and a flexible platform, MyLab personalizes the learning experience and improves results for each student. |
| olivier blanchard macroeconomics: Lectures on Macroeconomics Olivier Blanchard, Stanley Fischer, 1989-03-21 The main purpose of Lectures on Macroeconomics is to characterize and explain fluctuations in output, unemployment and movement in prices. Lectures on Macroeconomics provides the first comprehensive description and evaluation of macroeconomic theory in many years. While the authors' perspective is broad, they clearly state their assessment of what is important and what is not as they present the essence of macroeconomic theory today.The main purpose of Lectures on Macroeconomics is to characterize and explain fluctuations in output, unemployment and movement in prices. The most important fact of modern economic history is persistent long term growth, but as the book makes clear, this growth is far from steady. The authors analyze and explore these fluctuations. Topics include consumption and investment; the Overlapping Generations Model; money; multiple equilibria, bubbles, and stability; the role of nominal rigidities; competitive equilibrium business cycles, nominal rigidities and economic fluctuations, goods, labor and credit markets; and monetary and fiscal policy issues. Each of chapters 2 through 9 discusses models appropriate to the topic. Chapter 10 then draws on the previous chapters, asks which models are the workhorses of macroeconomics, and sets the models out in convenient form. A concluding chapter analyzes the goals of economic policy, monetary policy, fiscal policy, and dynamic inconsistency. Written as a text for graduate students with some background in macroeconomics, statistics, and econometrics, Lectures on Macroeconomics also presents topics in a self contained way that makes it a suitable reference for professional economists. |
| olivier blanchard macroeconomics: Macroeconomics Olivier J. Blanchard, 2006 Using words, graphs and algebra, Olivier Blanchard presents an integrated view of macroeconomics. All of the material included in this student text is presented within the context of real world applications. |
| olivier blanchard macroeconomics: Anti-Blanchard Macroeconomics Brancaccio, Emiliano, Califano, Andrea, 2022-03-22 Olivier Blanchard, former chief economist of the International Monetary Fund (IMF), is author of one of the most important standard macroeconomics textbooks, which is used throughout the world. Endorsed by Blanchard himself, Anti-Blanchard Macroeconomics critically analyzes prevailing economic theory and policy in comparison with alternative approaches. This thoroughly revised edition represents a field of research that has developed through intense theoretical debates, continual empirical testing and the resultant disputes about economic policy. |
| olivier blanchard macroeconomics: Advanced Macroeconomics Filipe R. Campante, Federico Sturzenegger, Andrés Velasco, 2021-10-11 Macroeconomic policy is one of the most important policy domains, and the tools of macroeconomics are among the most valuable for policy makers. Yet there has been, up to now, a wide gulf between the level at which macroeconomics is taught at the undergraduate level and the level at which it is practiced. At the same time, doctoral-level textbooks are usually not targeted at a policy audience, making advanced macroeconomics less accessible to current and aspiring practitioners. This book, born out of the Masters course the authors taught for many years at the Harvard Kennedy School, fills this gap. It introduces the tools of dynamic optimization in the context of economic growth, and then applies them to a wide range of policy questions – ranging from pensions, consumption, investment and finance, to the most recent developments in fiscal and monetary policy. It does so with the requisite rigor, but also with a light touch, and an unyielding focus on their application to policy-making, as befits the authors’ own practical experience. Advanced Macroeconomics: An Easy Guide is bound to become a great resource for graduate and advanced undergraduate students, and practitioners alike. |
| olivier blanchard macroeconomics: Macroeconomics Class of 1941 Professor of Economics Olivier Blanchard, Olivier Blanchard, David H Johnson, MD, 2012-07-19 |
| olivier blanchard macroeconomics: Macroeconomics Olivier Blanchard, Alessia Amighini, Francesco Giavazzi, 2013 This textbook will give students a fuller understanding of the subject and has been fully updated to provide broad coverage of the financial crisis. |
| olivier blanchard macroeconomics: Inflation and Activity – Two Explorations and their Monetary Policy Implications Mr.Olivier J. Blanchard, Mr.Eugenio Cerutti, Lawrence Summers, 2015-11-06 We explore two issues triggered by the crisis. First, in most advanced countries, output remains far below the pre-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a breakdown of the relation between inflation and activity. To examine the first, we look at 122 recessions over the past 50 years in 23 countries. We find that a high proportion of them have been followed by lower output or even lower growth. To examine the second, we estimate a Phillips curve relation over the past 50 years for 20 countries. We find that the effect of unemployment on inflation, for given expected inflation, decreased until the early 1990s, but has remained roughly stable since then. We draw implications of our findings for monetary policy. |
| olivier blanchard macroeconomics: Macroeconomics ; Australasian Edition Olivier Blanchard, Jeffrey Sheen, 2013-05-30 Real, current macroeconomic events connected to the theory The new fourth edition of Blanchard's respected Macroeconomics text has been substantially revised to account for the impact of the GFC on the Australasian Economy and the many issues it raises. Thus, in addition to a first discussion of the crisis in Chapter 1 and numerous boxes and discussions throughout the book, we have brought forward the chapter on the GFC to Chapter 9. Macroeconomics is the only intermediate resource with a truly Australasian focus, demonstrating economic ideas and issues with hundreds of local and international examples. This comprehensive resource presents an integrated view of macroeconomics, drawing on the implications of equilibrium conditions in three sets of markets: the goods market, the financial markets and the labour market. |
| olivier blanchard macroeconomics: Reform in Eastern Europe Olivier J. Blanchard, 1993-01-29 This incisive report identifies and describes the major policy choices to be made and discusses what will work and what will not. |
| olivier blanchard macroeconomics: Dynamic Macroeconomics George Alogoskoufis, 2019-12-17 An advanced treatment of modern macroeconomics, presented through a sequence of dynamic equilibrium models, with discussion of the implications for monetary and fiscal policy. This textbook offers an advanced treatment of modern macroeconomics, presented through a sequence of dynamic general equilibrium models based on intertemporal optimization on the part of economic agents. The book treats macroeconomics as applied and policy-oriented general equilibrium analysis, examining a number of models, each of which is suitable for investigating specific issues but may be unsuitable for others. After presenting a brief survey of the evolution of macroeconomics and the key facts about long-run economic growth and aggregate fluctuations, the book introduces the main elements of the intertemporal approach through a series of two-period competitive general equilibrium models—the simplest possible intertemporal models. This sets the stage for the remainder of the book, which presents models of economic growth, aggregate fluctuations, and monetary and fiscal policy. The text focuses on a full analysis of a limited number of key intertemporal models, which are stripped down to essentials so that students can focus on the dynamic properties of the models. Exercises encourage students to try their hands at solving versions of the dynamic models that define modern macroeconomics. Appendixes review the main mathematical techniques needed to analyze optimizing dynamic macroeconomic models. The book is suitable for advanced undergraduate and graduate students who have some knowledge of economic theory and mathematics for economists. |
| olivier blanchard macroeconomics: International Dimensions of Monetary Policy Jordi Galí, Mark Gertler, 2010-03-15 United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies. |
| olivier blanchard macroeconomics: Macroeconomics Wendy Carlin, David Soskice, 2024-01-29 At the cutting edge of the subject area, the authors bring the macroeconomics that researchers and policymakers use today into focus. By developing a coherent set of tractable models, the book enables students to explore and make sense of the pressing questions facing global economies.Carlin and Soskice connect students with contemporary research and policy in macroeconomics. The authors' 3-equation model - extended to include the financial system and with an integrated treatment of inequality - equips students with a method they can apply to the enduring challenges stirred by the financial crisis and the Great Recession.Key features* Engaged with the latest developments in macroeconomic research, policy, and debate, the authors make the cutting edge accessible to undergraduate readers* The theme of inequality is integrated throughout in modelling and applications, with incomplete contracts in labour and credit markets underpinning the presence of involuntary unemployment and credit constraints* The content distils business cycles into a 3-equation model of the demand side, the supply side, and the policy maker, providing a realistic and transparent model which students can deploy to address the questions that interest them* Open economy modelling for both flexible and fixed exchange rate regimes builds on the same foundations and handles oil and climate shocks, as well as the Eurozone crisis* Features thorough treatment of the financial system and how to integrate the financial and business cycles, including coverage on policy design and implementation for financial stability in the wake of the 2008-9 financial crisis and an exploration of hysteresis in the context of the Great Recession* Comprehensive coverage of monetary policy including the ample reserves regime and of fiscal policy and debt dynamics* Unified treatment of exogenous and endogenous growth models emphasizing the different mechanisms through which diminishing returns to capital can be offset, while Chapter 17 on the ICT revolution examines the implications of innovation and technological change on the future of work and inequality* Contains a chapter considering contemporary quantitative macroeconomics research - including the Heterogeneous Agent New Keynesian (HANK) model - exposing students to the tools that researchers currently use, as well as the benefits and limitations of these methods* End-of-chapter 'Checklist questions' enable students to assess their comprehension, while 'Problems' prompt students to apply independent critical thought* Also available as an e-book enhanced with access to The Macroeconomic Simulator, Animated Analytical Diagrams, and self-assessment activities enabling students to recap content and investigate how models work at their own paceDigital formats and resourcesThis title is available for students and institutions to purchase in a variety of formats and is supported by online resources.The e-book offers a mobile experience and convenient access along with self-assessment activities, multi-media content, and links that offer extra learning support. For more information visit:www.oxfordtextbooks.co.uk/ebooks/This title is supported by a range of online resource for students including multiple-choice-questions with instant feedback, interactive Animated Analytical Diagrams, access to The Macroeconomic Simulator, web appendices which develop chapters 1, 4, 7, and 18, In addition, lecturers can access PowerPoint slides to accompany each chapter and answers to the problems and questions set in the book. |
| olivier blanchard macroeconomics: Anti-Blanchard Macroeconomics Emiliano Brancaccio, Andrea Califano, 2018-07-27 Olivier Blanchard, former chief economist of the International Monetary Fund (IMF), is author of one of the most important standard macroeconomics textbooks which is used throughout the world. Endorsed by Blanchard himself, Anti-Blanchard Macroeconomics critically analyses prevailing economic theory and policy in comparison with alternative approaches. This textbook is designed to stand alongside Blanchard’s text, or indeed any other standard book on macroeconomics, but it can also be read independently. It provides undergraduate and advanced students with a critical view of the subject, and is also appropriate for scholars interested in a new way of analysing the debate between alternative schools of economic thought. |
| olivier blanchard macroeconomics: NBER Macroeconomics Annual 2017 Martin Eichenbaum, Jonathan A. Parker, 2018-05-22 Volume 32 of the NBER Macroeconomics Annual features six theoretical and empirical studies of important issues in contemporary macroeconomics, and a keynote address by former IMF chief economist Olivier Blanchard. In one study, SeHyoun Ahn, Greg Kaplan, Benjamin Moll, Thomas Winberry, and Christian Wolf examine the dynamics of consumption expenditures in non-representative-agent macroeconomic models. In another, John Cochrane asks which macro models most naturally explain the post-financial-crisis macroeconomic environment, which is characterized by the co-existence of low and nonvolatile inflation rates, near-zero short-term interest rates, and an explosion in monetary aggregates. Manuel Adelino, Antoinette Schoar, and Felipe Severino examine the causes of the lending boom that precipitated the recent U.S. financial crisis and Great Recession. Steven Durlauf and Ananth Seshadri investigate whether increases in income inequality cause lower levels of economic mobility and opportunity. Charles Manski explores the formation of expectations, considering the efficacy of directly measuring beliefs through surveys as an alternative to making the assumption of rational expectations. In the final research paper, Efraim Benmelech and Nittai Bergman analyze the sharp declines in debt issuance and the evaporation of market liquidity that coincide with most financial crises. Blanchard’s keynote address discusses which distortions are central to understanding short-run macroeconomic fluctuations. |
| olivier blanchard macroeconomics: The Economics of Post-Communist Transition , 1998 |
| olivier blanchard macroeconomics: Macroeconomic Fluctuations and Policies Edouard Challe, 2023-09-19 The basic tools for analyzing macroeconomic fluctuations and policies, applied to concrete issues and presented within an integrated New Keynesian framework. This textbook presents the basic tools for analyzing macroeconomic fluctuations and policies and applies them to contemporary issues. It employs a unified New Keynesian framework for understanding business cycles, major crises, and macroeconomic policies, introducing students to the approach most often used in academic macroeconomic analysis and by central banks and international institutions. The book addresses such topics as how recessions and crises spread; what instruments central banks and governments have to stimulate activity when private demand is weak; and what “unconventional” macroeconomic policies might work when conventional monetary policy loses its effectiveness (as has happened in many countries in the aftermath of the Great Recession.). The text introduces the foundations of modern business cycle theory through the notions of aggregate demand and aggregate supply, and then applies the theory to the study of regular business-cycle fluctuations in output, inflation, and employment. It considers conventional monetary and fiscal policies aimed at stabilizing the business cycle, and examines unconventional macroeconomic policies, including forward guidance and quantitative easing, in situations of “liquidity trap”—deep crises in which conventional policies are either ineffective or have very different effects than in normal time. This book is the first to use the New Keynesian framework at the advanced undergraduate level, connecting undergraduate learning not only with the more advanced tools taught at the graduate level but also with the large body of policy-oriented research in academic journals. End-of-chapter problems help students master the materials presented. |
| olivier blanchard macroeconomics: East-West Migration Richard Layard, 1992 Courses it may take. |
| olivier blanchard macroeconomics: Knowledge, Information, and Expectations in Modern Macroeconomics Philippe Aghion, 2003-01-26 Assembling some of the leading figures in the field of macroeconomics, this text highlights the continuing influence of the ideas of Edmund Phelps since the early 1960s. The contributions address many of the most important current areas of macroeconomic research in 2003. |
| olivier blanchard macroeconomics: Growth Forecast Errors and Fiscal Multipliers Mr.Olivier J. Blanchard, Mr.Daniel Leigh, 2013-01-03 This paper investigates the relation between growth forecast errors and planned fiscal consolidation during the crisis. We find that, in advanced economies, stronger planned fiscal consolidation has been associated with lower growth than expected, with the relation being particularly strong, both statistically and economically, early in the crisis. A natural interpretation is that fiscal multipliers were substantially higher than implicitly assumed by forecasters. The weaker relation in more recent years may reflect in part learning by forecasters and in part smaller multipliers than in the early years of the crisis. |
| olivier blanchard macroeconomics: A History of Macroeconomics from Keynes to Lucas and Beyond Michel De Vroey, 2016-01-08 This book retraces the history of macroeconomics from Keynes's General Theory to the present. Central to it is the contrast between a Keynesian era and a Lucasian - or dynamic stochastic general equilibrium (DSGE) - era, each ruled by distinct methodological standards. In the Keynesian era, the book studies the following theories: Keynesian macroeconomics, monetarism, disequilibrium macro (Patinkin, Leijongufvud, and Clower) non-Walrasian equilibrium models, and first-generation new Keynesian models. Three stages are identified in the DSGE era: new classical macro (Lucas), RBC modelling, and second-generation new Keynesian modeling. The book also examines a few selected works aimed at presenting alternatives to Lucasian macro. While not eschewing analytical content, Michel De Vroey focuses on substantive assessments, and the models studied are presented in a pedagogical and vivid yet critical way. |
| olivier blanchard macroeconomics: Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks? Mr.Olivier J. Blanchard, Gustavo Adler, Mr.Irineu E. de Carvalho Filho, 2015-07-16 Many emerging market economies have relied on foreign exchange intervention (FXI) in response to gross capital inflows. In this paper, we study whether FXI has been an effective tool to dampen the effects of these inflows on the exchange rate. To deal with endogeneity issues, we look at the response of different countries to plausibly exogenous gross inflows, and explore the cross country variation of FXI and exchange rate responses. Consistent with the portfolio balance channel, we find that larger FXI leads to less exchange rate appreciation in response to gross inflows. |
| olivier blanchard macroeconomics: America's Bank Roger Lowenstein, 2015-10-20 A tour de force of historical reportage, America’s Bank illuminates the tumultuous era and remarkable personalities that spurred the unlikely birth of America’s modern central bank, the Federal Reserve. Today, the Fed is the bedrock of the financial landscape, yet the fight to create it was so protracted and divisive that it seems a small miracle that it was ever established. For nearly a century, America, alone among developed nations, refused to consider any central or organizing agency in its financial system. Americans’ mistrust of big government and of big banks—a legacy of the country’s Jeffersonian, small-government traditions—was so widespread that modernizing reform was deemed impossible. Each bank was left to stand on its own, with no central reserve or lender of last resort. The real-world consequences of this chaotic and provincial system were frequent financial panics, bank runs, money shortages, and depressions. By the first decade of the twentieth century, it had become plain that the outmoded banking system was ill equipped to finance America’s burgeoning industry. But political will for reform was lacking. It took an economic meltdown, a high-level tour of Europe, and—improbably—a conspiratorial effort by vilified captains of Wall Street to overcome popular resistance. Finally, in 1913, Congress conceived a federalist and quintessentially American solution to the conflict that had divided bankers, farmers, populists, and ordinary Americans, and enacted the landmark Federal Reserve Act. Roger Lowenstein—acclaimed financial journalist and bestselling author of When Genius Failed and The End of Wall Street—tells the drama-laden story of how America created the Federal Reserve, thereby taking its first steps onto the world stage as a global financial power. America’s Bank showcases Lowenstein at his very finest: illuminating complex financial and political issues with striking clarity, infusing the debates of our past with all the gripping immediacy of today, and painting unforgettable portraits of Gilded Age bankers, presidents, and politicians. Lowenstein focuses on the four men at the heart of the struggle to create the Federal Reserve. These were Paul Warburg, a refined, German-born financier, recently relocated to New York, who was horrified by the primitive condition of America’s finances; Rhode Island’s Nelson W. Aldrich, the reigning power broker in the U.S. Senate and an archetypal Gilded Age legislator; Carter Glass, the ambitious, if then little-known, Virginia congressman who chaired the House Banking Committee at a crucial moment of political transition; and President Woodrow Wilson, the academician-turned-progressive-politician who forced Glass to reconcile his deep-seated differences with bankers and accept the principle (anathema to southern Democrats) of federal control. Weaving together a raucous era in American politics with a storied financial crisis and intrigue at the highest levels of Washington and Wall Street, Lowenstein brings the beginnings of one of the country’s most crucial institutions to vivid and unforgettable life. Readers of this gripping historical narrative will wonder whether they’re reading about one hundred years ago or the still-seething conflicts that mark our discussions of banking and politics today. |
| olivier blanchard macroeconomics: International Macroeconomics Stephanie Schmitt-Grohé, Martín Uribe, Michael Woodford, 2022-09-06 An essential introduction to one of the most timely and important subjects in economics International Macroeconomics presents a rigorous and theoretically elegant treatment of real-world international macroeconomic problems, incorporating the latest economic research while maintaining a microfounded, optimizing, and dynamic general equilibrium approach. This one-of-a-kind textbook introduces a basic model and applies it to fundamental questions in international economics, including the determinants of the current account in small and large economies, processes of adjustment to shocks, the determinants of the real exchange rate, the role of fixed and flexible exchange rates in models with nominal rigidities, and interactions between monetary and fiscal policy. The book confronts theoretical predictions using actual data, highlighting both the power and limits of given theories and encouraging critical thinking. Provides a rigorous and elegant treatment of fundamental questions in international macroeconomics Brings undergraduate and master’s instruction in line with modern economic research Follows a microfounded, optimizing, and dynamic general equilibrium approach Addresses fundamental questions in international economics, such as the role of capital controls in the presence of financial frictions and balance-of-payments crises Uses real-world data to test the predictions of theoretical models Features a wealth of exercises at the end of each chapter that challenge students to hone their theoretical skills and scrutinize the empirical relevance of models Accompanied by a website with lecture slides for every chapter |
| olivier blanchard macroeconomics: Open Economy Macroeconomics Martín Uribe, Stephanie Schmitt-Grohé, 2017-04-04 A cutting-edge graduate-level textbook on the macroeconomics of international trade Combining theoretical models and data in ways unimaginable just a few years ago, open economy macroeconomics has experienced enormous growth over the past several decades. This rigorous and self-contained textbook brings graduate students, scholars, and policymakers to the research frontier and provides the tools and context necessary for new research and policy proposals. Martín Uribe and Stephanie Schmitt-Grohé factor in the discipline's latest developments, including major theoretical advances in incorporating financial and nominal frictions into microfounded dynamic models of the open economy, the availability of macro- and microdata for emerging and developed countries, and a revolution in the tools available to simulate and estimate dynamic stochastic models. The authors begin with a canonical general equilibrium model of an open economy and then build levels of complexity through the coverage of important topics such as international business-cycle analysis, financial frictions as drivers and transmitters of business cycles and global crises, sovereign default, pecuniary externalities, involuntary unemployment, optimal macroprudential policy, and the role of nominal rigidities in shaping optimal exchange-rate policy. Based on courses taught at several universities, Open Economy Macroeconomics is an essential resource for students, researchers, and practitioners. Detailed exploration of international business-cycle analysis Coverage of financial frictions as drivers and transmitters of business cycles and global crises Extensive investigation of nominal rigidities and their role in shaping optimal exchange-rate policy Other topics include fixed exchange-rate regimes, involuntary unemployment, optimal macroprudential policy, and sovereign default and debt sustainability Chapters include exercises and replication codes |
| olivier blanchard macroeconomics: Macroeconomics Wendy Carlin, David Soskice, 2006 This volume provides a unified framework for the analysis of short- and medium-run macroeconomics. It develops a core New Keynesian macro model based on imperfect competition and nominal rigidities and shows how this compares with alternatives. |
| olivier blanchard macroeconomics: Macroeconomics Olivier Blanchard, 2002-09-01 For courses in Intermediate Macroeconomics or MBA level Macroeconomics for Managers, this text provides an integrated view of macroeconomics, and makes close contact with macroeconomic events. It covers the short run, medium run and then long run and is then followed by the three extensions: openness, expectations, and pathologies. |
| olivier blanchard macroeconomics: Macroeconomics Olivier Blanchard, Class of 1941 Professor of Economics Olivier Blanchard, 2002-11 For courses in Intermediate Macroeconomics or MBA level Macroeconomics for Managers. The fundamental goals of this text are to provide an integrated view of macroeconomics, and to make close contact with current macroeconomic events. This Intermediate Macroeconomics text is organized around a set of core chapters followed by three optional extensions. The core covers the short run, medium run and then long run and is then followed by the three extensions: openness, expectations, and pathologies. The book concludes with a section on policy although policy issues are also sprinkled through most chapters. The book is known for its global emphasis and empirical applications. The Third Edition has simplified many of the more difficult topics. Theoretical material is always presented in three ways: in words, in graphs, and with algebra. |
| olivier blanchard macroeconomics: Rethinking Macro Policy II Mr.Olivier J. Blanchard, Mr.Giovanni Dell'Ariccia, Mr.Paolo Mauro, 2013-04-15 This note explores how the economic thinking about macroeconomic management has evolved since the crisis began. It discusses developments in monetary policy, including unconventional measures; the challenges associated with increased public debt; and the policy potential, risks, and institutional challenges associated with new macroprudential measures. Rationale: The note contributes to the ongoing debate on several aspects of macroeconomic policy. It follows up on the earlier “Rethinking” paper, refining the analysis in light of the events of the past two years. Given the relatively fluid state of the debate (e.g., recent challenges to central bank independence), it is useful to highlight that while many of the tenets of the pre-crisis consensus have been challenged, others (such as the desirability of central bank independence) remain valid. |
| olivier blanchard macroeconomics: The ABCs of RBCs George McCandless, 2008-03-31 The ABCs of RBCs is the first book to provide a basic introduction to Real Business Cycle (RBC) and New-Keynesian models. These models argue that random shocks—new inventions, droughts, and wars, in the case of pure RBC models, and monetary and fiscal policy and international investor risk aversion, in more open interpretations—can trigger booms and recessions and can account for much of observed output volatility. George McCandless works through a sequence of these Real Business Cycle and New-Keynesian dynamic stochastic general equilibrium models in fine detail, showing how to solve them, and how to add important extensions to the basic model, such as money, price and wage rigidities, financial markets, and an open economy. The impulse response functions of each new model show how the added feature changes the dynamics. The ABCs of RBCs is designed to teach the economic practitioner or student how to build simple RBC models. Matlab code for solving many of the models is provided, and careful readers should be able to construct, solve, and use their own models. In the tradition of the “freshwater” economic schools of Chicago and Minnesota, McCandless enhances the methods and sophistication of current macroeconomic modeling. |
| olivier blanchard macroeconomics: Recursive Macroeconomic Theory Lars Ljungqvist, Thomas J. Sargent, 2004 A significant new edition of a text that offers both tools and sample applications; extensive revisions and seven new chapters improve and expand upon the original treatment. |
| olivier blanchard macroeconomics: Microeconomics, Global Edition Jeffrey M. Perloff, 2018-03-05 For courses in microeconomics. Significantly revised and updated with new real-world examples, exercises, and applications, this edition remains the premiere microeconomics text to marry formal theory with robust, thoroughly analysed real-world problems. Intended as an intermediate microeconomics text, Perloff introduces economic theory through a combination of calculus, algebra, and graphs. The text integrates estimated, real-world problems and applications, using a step-by-step approach to demonstrate how microeconomic theory can be applied to solve practical problems and policy issues. Compared to other similar texts, the author also places greater emphasis on using contemporary theories–such as game theory and contract theory–to analyse markets. The full text downloaded to your computer With eBooks you can: search for key concepts, words and phrases make highlights and notes as you study share your notes with friends eBooks are downloaded to your computer and accessible either offline through the Bookshelf (available as a free download), available online and also via the iPad and Android apps. Upon purchase, you'll gain instant access to this eBook. Time limit The eBooks products do not have an expiry date. You will continue to access your digital ebook products whilst you have your Bookshelf installed. |
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| olivier blanchard macroeconomics: Macroeconomics Olivier Blanchard, 2016-05-20 ALERT: Before you purchase, check with your instructor or review your course syllabus to ensure that you select the correct ISBN. Several versions of Pearson's MyLab & Mastering products exist for each title, including customized versions for individual schools, and registrations are not transferable. In addition, you may need a CourseID, provided by your instructor, to register for and use Pearson's MyLab & Mastering products. 0134472667 / 9780134472669 Macroeconomics, Student Value Edition Plus MyEconLab with Pearson eText -- Access Card Package 7/e Package consists of: 0133838013 / 9780133838015 Macroeconomics, Student Value Edition 7/e 0133860930 / 9780133860931 MyEconLab with Pearson eText -- Access Card -- for Macroeconomics 7/e |
| olivier blanchard macroeconomics: Macroeconomics Olivier Blanchard, Alessia Amighini, Francesco Giavazzi, 2021 An integrated, global view of macroeconomics, showing the connections between goods markets, financial markets, and labour markets worldwide. This is a book rooted in the real-world: from the major economic crisis of the late 2000s to the profound economic effects caused by the COVID-19 pandemic, from monetary policy in the US, to Brexit, the problems of the Euro area and growth in China, it will help your students make sense not only of current macroeconomic events but also those that may unfold in the future. |
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| olivier blanchard macroeconomics: The Economy The Core Team, 2022-07 A complete introduction to economics and the economy taught in undergraduate economics and masters courses in public policy. CORE's approach to teaching economics is student-centred and motivated by real-world problems and real-world data. The only introductory economics text to equip students to address today's pressing problems by mastering the conceptual and quantitative tools of contemporary economics. THE ECONOMY: is a new approach that integrates recent developments in economics including contract theory, strategic interaction, behavioural economics, and financial instability; challenges students to address inequality, climate change, economic instability, wealth creation and innovation, and other problems; provides a unified treatment of micro- and macroeconomics; motivates all models and concepts by evidence and real-world applications. |
| olivier blanchard macroeconomics: Study Guide and Tutorial [to Accompany] Macroeconomics, Second Edition [by] Olivier Blanchard David W. Findlay, Olivier Blanchard, 2000 David Findlay, of Colby College, has done an outstanding job of writing a student-friendly study guide. Each chapter begins with a presentation of objectives and review. It is organized in the form of a tutorial, covering the important points of the chapter, with learning suggestions along the way. Quick self-test questions, review problems, and multiple-choice questions follow the tutorial. Solutions are provided for all Study Guide problems. |
| olivier blanchard macroeconomics: Progress and Confusion Olivier Blanchard, Raghuram Rajan, Kenneth Rogoff, Lawrence H. Summers, 2018-08-28 Leading economists consider the shape of future economic policy: will it resume the pre-crisis consensus, or contend with the post-crisis “new normal”? What will economic policy look like once the global financial crisis is finally over? Will it resume the pre-crisis consensus, or will it be forced to contend with a post-crisis “new normal”? Have we made progress in addressing these issues, or does confusion remain? In April of 2015, the International Monetary Fund gathered leading economists, both academics and policymakers, to address the shape of future macroeconomic policy. This book is the result, with prominent figures—including Ben Bernanke, John Taylor, and Paul Volcker—offering essays that address topics that range from the measurement of systemic risk to foreign exchange intervention. The chapters address whether we have entered a “new normal” of low growth, negative real rates, and deflationary pressures, with contributors taking opposing views; whether new financial regulation has stemmed systemic risk; the effectiveness of macro prudential tools; monetary policy, the choice of inflation targets, and the responsibilities of central banks; fiscal policy, stimulus, and debt stabilization; the volatility of capital flows; and the international monetary and financial system, including the role of international policy coordination. In light of these discussions, is there progress or confusion regarding the future of macroeconomic policy? In the final chapter, volume editor Olivier Blanchard answers: both. Many lessons have been learned; but, as the chapters of the book reveal, there is no clear agreement on several key issues. Contributors Viral V. Acharya, Anat R. Admati, Zeti Akhtar Aziz, Ben Bernanke, Olivier Blanchard, Marco Buti, Ricardo J. Caballero, Agustín Carstens, Jaime Caruana, J. Bradford DeLong, Martin Feldstein, Vitor Gaspar, John Geanakoplos, Philipp Hildebrand, Gill Marcus, Maurice Obstfeld, Luiz Awazu Pereira da Silva, Rafael Portillo, Raghuram Rajan, Kenneth Rogoff, Robert E. Rubin, Lawrence H. Summers, Hyun Song Shin, Lars E. O. Svensson, John B. Taylor, Paul Tucker, José Viñals, Paul A. Volcker |
Eighth Edition MACROECONOMICS - Pearson
Macroeconomics, eighth edition is organized around two central parts: A core and a set of two major extensions. The text’s flexible organization emphasizes an integrated view of …
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A citizen of France, Olivier Blanchard has spent most of his professional life in Cambridge, U.S.A. After obtaining his Ph.D. in economics at the Massachusetts Institute of Technology in 1977, …
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In this paper, we review the main elements of the pre-crisis consensus, we identify where we were wrong and what tenets of the pre-crisis framework still hold, and take a tentative first pass at …
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equations in macroeconomics. It is important that you understand each of the effects at work: An increase in expected inflation, pe, leads to an increase in actual inflation, p. To see why, start …
The State of Macro NBER Working Paper No. 14259
The state of macro is good. The first section sets the stage with a brief review of the past. The second argues that there has been broad convergence in vision, and the third reviews the …
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Title: Macroeconomics: a European perspective / Olivier Blanchard, Alessia Amighini and Francesco Giavazzi. Description: 4th edition. | Harlow, England; New York: Pearson, 2021. |
Olivier Blanchard April 2007 - MIT OpenCourseWare
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Labor Markets and Monetary Policy: A New-Keynesian …
Labor Markets and Monetary Policy: A New-Keynesian Model with Unemployment Olivier Blanchard and Jordi Gali NBER Working Paper No. 13897 March 2008 JEL No. …
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Olivier Blanchard, Peterson Institute for International Economics
To address this issue, I'm very happy to welcome to the EconoFact Chats, Olivier Blanchard. Olivier is widely recognized as one of the world's leading experts in macroeconomics and …
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(additional chapter for ``Macroeconomics, 8th edition). 1. Olivier Blanchard, September 2020 . In December 2019, newspapers started reporting cases of infection from a new virus in Wuhan, a …
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equations in macroeconomics. It is important that you understand each of the effects at work: An increase in expected inflation, pe, leads to an increase in actual inflation, p. To see why, start …
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macroeconomics is the assumption that people, firms, and governments are subject to intertemporal budget constraints. If the interest rate paid by the government is less than the …
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1 Macroeconomics. Macroeconomics (Greek makro = ‘big’) describes and explains economic processes that concern aggregates. An aggregate is a multitude of economic subjects that …
Olivier Blanchard,Stanley Fischer
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ECON BC3033 Intermediate Macroeconomic Theory Spring …
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ECON 301 B: Intermediate Macroeconomics - University of …
Introductory Macroeconomics is an important prerequisite. Much of what we do will be expanding upon models and information we learned in that class. If you forgot your macro and want to take this course, ... Our main textbook is "Macroeconomics", by Olivier Blanchard (6th edition, Pearson/Prentice Hall). You can purchase a copy or find a PDF
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MAJOR FUTURE ECONOMIC CHALLENGES - Scholars at Harvard
Major Future Economic Challenges INTERNATIONAL COMMISSION Olivier Blanchard-Jean Tirole 4 JUNE 2021 MEMBERS Philippe Aghion, Professor at the Collège de France, INSEAD and at the London School of Economics Richard Blundell, Professor of Economics, holder of the David Ricardo Chair of Political Economy at University College London
Rethinking Stabilization Policy: Evolution or Revolution?
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2 Macroeconomics Olivier Blanchard Answers Exercises 2020-02-19 economists, both academics and policymakers, to address the shape of future macroeconomic policy. This book is the result, with prominent figures—including Ben Bernanke, …
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14.02: PRINCIPLES OF MACROECONOMICS Spring 2018 14
Sep 18, 2002 · by Olivier Blanchard. This edition is substantially different from earlier editions. This book is widely available; several copies will be on reserve at Dewey Library . For some classes there will be additional reading material posted on the 14.02 Stellar website. It is very helpful to read about current macroeconomic developments in The
Flexible Organization - FSInf
is coauthor with Olivier Blanchard of Macroeconomics (fourth Canadian edition). Professor Johnson received his undergraduate degree from the University of Toronto, his Master’s degree from the University of Western Ontario, and his Ph.D. in 1983 from Harvard University, where Olivier Blanchard served as one of his supervisors. He has worked
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A citizen of France, Olivier Blanchard has spent most of his professional life in Cambridge, U.S.A. After obtaining his Ph.D. in economics at the Massachusetts Institute of Technology ... ics Annual, and founding editor of the AEJ Macroeconomics. He is a fellow and past council member of the Econometric Society, a past vice president of the ...
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