Evolutions and Contradictions in Mainstream Macroeconomics:The Case of Olivier Blanchard
| Autor: | Emiliano Brancaccio, Francesco Saraceno |
|---|---|
| Jazyk: | angličtina |
| Rok vydání: | 2017 |
| Předmět: |
Macroeconomics
060106 history of social sciences Economics Econometrics and Finance (miscellaneous) jel:B41 Olivier Blanchard Great recession Consolidation (business) 0502 economics and business Economics Mainstream Neoclassical theory 0601 history and archaeology 050207 economics Phillips curve Aggregate demand Stock (geology) Mainstream macroeconomics jel:B50 jel:B31 05 social sciences jel:E10 06 humanities and the arts Alternative economic paradigms Political Science and International Relations International monetary fund |
| Zdroj: | Review of political economy, 29(3), 345-359 (2017-06) |
| Popis: | This article traces the complex intellectual path of Olivier Blanchard, a personification of the controversial evolution of macroeconomic research over the last three decades. After contributing to consolidation of the core of mainstream macroeconomics, Blanchard recently suggested ‘rethinking’ some of its key aspects to take stock of the lessons of the 2008 Great Recession, which he witnessed as the International Monetary Fund’s Chief Economist. This welcome discussion, which according to Blanchard should open mainstream macroeconomics to heterodox thinking, has so far produced a certainly interesting albeit theoretically contradictory synthesis and limited policy consequences. The most paradigmatic aspect of this rethinking of macroeconomics is represented by the abandonment in teaching of aggregate supply and demand in favor of a revival of the IS–LM model complemented by the Phillips curve. While this change of perspective does allow for the instability of ‘natural’ equilibrium to be emphasized, a deeper reading may prove incompatible with the neoclassical foundations of the mainstream approach. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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