Olivier Blanchard
Pandemic inflation fuelled by food and energy prices – BoJ study
Inflation in Japan and US driven by similar product market shocks, research finds
2022: The year in review
The invasion of Ukraine left central banks facing yet another exceptional set of challenges. Central Banking looks back at the stories that made the biggest impact this year
Armenia’s Galstyan calls for a new framework to tackle uncertainty and nonlinearities
Central Bank of Armenia governor says central banks can start to regain credibility by admitting their mistakes. This could include employing a risk-management approach to monetary policy aimed at avoiding nonlinear ‘dark corners’ and placing much less…
Lifetime achievement: Stanley Fischer
Fischer has had a profound impact on monetary economics and central banking during his prolific career
Some philosophical questions about the future of central banking
Kenneth Rogoff weighs up the many challenges facing central banks in the years ahead, from debt and inflation to negative rates and the dangers of ‘mission creep’
‘Run it hot’: the risks and rewards of a new policy era
Covid-19 has added impetus to an emerging intellectual shift in policy-making. But central banks face unresolved issues – on expectations, on fiscal policy, and on the capacity of the economy to ‘run hot’
A return of the inflation monster?
There are fears that a shift in intellectual approach towards running economies ‘hot’ could herald a return of the money-eating inflation era
EMEs can resist spillovers with prudential policy – BoE paper
Some prudential policies work better than others, researchers find
Proposal to axe Phillips curve triggers controversy
“One cannot just ignore an equation,” retorts Olivier Blanchard
Blanchard calls for rethink on costs of debt
Fiscal cost of public debt may be zero, macroeconomist argues, but that does not make debt costless
Veteran economists weigh in on ‘rebuilding’ macro theory
Economists including Olivier Blanchard, Andy Haldane and Simon Wren-Lewis tackle the question of how – and whether – to save the DSGE model
Blanchard and Summers call for rethink of stabilisation policy
Both economists question consensus on fiscal prudence and advocate stricter financial regulation
Positive shock could still trip up advanced economies – Blanchard
Former IMF chief economist warns high debt levels could interact with positive shocks to cause problems; backs Rogoff’s plan for a cashless society
Blanchard and Acalin warn of FDI measurement problems
Measured foreign direct investment is not as long term as generally thought, often reflecting transient capital flows and responding to US monetary policy, economists find
Blanchard sees reformed DSGE as ‘central’ to future of macroeconomics
Former IMF chief economist says DSGE models are “seriously flawed” but “eminently improvable”, and will have a leading role to play in the future
Blanchard and others look to reconcile theory of capital flows with practice
Revamp of Mundell-Fleming model helps explain apparently contradictory results, with important implications for policy-makers looking to respond to capital flows
Obstfeld will succeed Blanchard at IMF
Lagarde praises the ‘outstanding academic credentials’ of Obstfeld as she announces his appointment as economic counsellor and director of research
IMF researchers find FX interventions can help tackle pressures from global capital flows
Working paper penned by team including Olivier Blanchard takes new approach to endogeneity problems, finding foreign exchange interventions can stem appreciation pressures from global flows of capital
IMF's Blanchard urges compromise in Greek negotiations
Both sides need to make tough choices but more funding and some form of debt relief necessary, says IMF chief economist; Mario Draghi emphasises need for long-term EU institutional change
Blanchard to step down as IMF chief economist
Olivier Blanchard will leave in September and join Peterson Institute as senior fellow; Lagarde praises him for ‘spurring a fundamental rethinking of macroeconomic policy’
IMF sees strong dollar shaping global recovery
IMF chief economist sees benefits in exchange rate movements at launch of World Economic Outlook, but warns sharp alterations could ignite international tensions if they persist