Commentary Type

Rethinking Macro Policy: Progress or Confusion?

Chapter 28 in Progress and Confusion: The State of Macroeconomic Policy (MIT Press, 2016). Reposted with permission.


Olivier Blanchard, C. Fred Bergsten Senior Fellow at PIIE, reflects on the state of macroeconomic thinking in the last chapter of a book published by MIT Press that he coedited, entitled Progress and Confusion, The State of Macroeconomic Policy. In particular, the book addresses the profession's self-reassessment following a historic financial crisis that was largely missed by prevailing macroeconomic models. "We are indeed proceeding in the trenches. But where the trenches will eventually lead remains unclear," writes Blanchard.

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