En un post que puse el sábado sobre política monetaria y tipo de cambio hacía referencia a un trabajo recién publicado por un grupo de economistas del FMI bajo la tutela de O. Blanchard, su economista en jefe que seguramente hará subir varias cejas. No porque el tema sobre el debate de la macroeconomía sea nuevo, sino porque el cuestionamiento proviene del FMI, cosa antes no pensada, Claro que Blanchar lleva ya varios años en esta linea más crítica de la versión macroeconómica más ortodoxa postulada por los modelos neoclásicos en la tradición del ciclo real de negocios. El tarabajo puede obtenerse en la página del Fondo, pero en esta liga pueden ver una versión resumida Rethinking macro policy, Olivier Blanchard Giovanni Dell'Ariccia Paolo Mauro
El punto de partida es esta caricatura de lo que pensábamos que ya sabíamos
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we thought of monetary policy as having one target, inflation, and one instrument, the policy rate. So long as inflation was stable, the output gap was likely to be small and stable and monetary policy did its job. We thought of fiscal policy as playing a secondary role, with political constraints limiting its usefulness. And we thought of financial regulation as mostly outside the macroeconomic policy framework. Admittedly, these views were more closely held in academia: policymakers were more pragmatic. Nevertheless, the prevailing consensus played an important role in shaping policies and institutions.
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we thought of monetary policy as having one target, inflation, and one instrument, the policy rate. So long as inflation was stable, the output gap was likely to be small and stable and monetary policy did its job. We thought of fiscal policy as playing a secondary role, with political constraints limiting its usefulness. And we thought of financial regulation as mostly outside the macroeconomic policy framework. Admittedly, these views were more closely held in academia: policymakers were more pragmatic. Nevertheless, the prevailing consensus played an important role in shaping policies and institutions.
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y a partir de ahía elaboración su discusión..... como he venido señalando desde hace meses y pueden consultarse los comentarios y referencias en este Blog bajo el tema "macroeconomía", esta será una discusión larga que producirá nuevos cambios en esta área.
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