Intermediate Goods and Weak Links: A Theory of Economic Development (2008)
Charles I. Jones, Andy Atkeson, Pol Antras, Sustanto Basu, Olivier Blanchard, Bill Easterly, ...
Per capita income in the richest countries of the world exceeds that in the poorest countries by more than a factor of 50. What explains these enormous differences? This paper returns to two old...
The New Comparative Economics 1 (2007)
Simeon Djankov, Edward Glaeser, Rafael La Porta, Florencio Lopez-de-silanes, Andrei Shleifer, Olivier Blanchard, ...
In recent years, comparative economics experienced a revival, with a new focus on comparing capitalist economies. The theme of the new research is that institutions exert a profound influence on...
Interest Rate Stabilization vs. Monetary Control: Another Reconciliation (2007)
Guido Lorenzoni, Roberto Benelli, Olivier Blanchard, Christian Broda, Larry Christiano, Marcello De Cecco, ...
This paper presents a reconciliation of the real-bills doctrine with the notion of control of monetary aggregates. We consider an overlapping generations model with banks that trade currency on a...
*This material has been presented at many US and European universities. We thank especially (2007)
David G. Blanchflower, Andrew J. Oswald, Peter Sanfey, Truman Bewley, Olivier Blanchard, Stephen Bond, ...
The paper suggests a new test for rent-sharing in the U.S. labor market. Using an unbalanced panel from the manufacturing sector, it shows that a rise in a sector's profitability leads after...
Federalism with and without political centralization. China versus Russia. (2007)
Simon Johnson, Jim Snyder, Olivier Blanchard, Olivier Blanchard, Andrei Shleifer, Andrei Shleifer
In China, local governments have actively contributed to the growth of new ¯rms. In Russia, local governments have typically stood in the way, be it through taxation, regulation, or corruption....
The Macroeconomic Effects of Oil Price Shocks: Why are the 2000s so different from the 1970s? (2007)
Blanchard, Olivier, Galí, Jordi
We characterize the macroeconomic performance of a set of industrialized economies in the aftermath of the oil price shocks of the 1970s and of the last decade, focusing on the differences across...
Comments and Discussion (2007)
Blanchard, Olivier (Olivier J.), Cooper, Richard N.
Brookings Papers on Economic Activity - 2006, 2
Intermediate Goods and Weak Links: A Theory of Economic Development (2007)
Charles I. Jones, Andy Atkeson, Pol Antras, Sustanto Basu, Olivier Blanchard, Bill Easterly, ...
Per capita income in the richest countries of the world exceeds that in the poorest countries by more than a factor of 50. What explains these enormous differences? This paper returns to two old...
Intermediate Goods, Weak Links, and Superstars: A Theory of Economic Development (2007)
Charles I. Jones, Andy Atkeson, Pol Antras, Sustanto Basu, Olivier Blanchard, Bill Easterly, ...
Per capita income in the richest countries of the world exceeds that in the poorest countries by more than a factor of 50. What explains these enormous differences? This paper returns to several old...
Blanchard, Olivier, Galí, Jordi
We characterize the macroeconomic performance of a set of industrialized economies in the aftermath of the oil price shocks of the 1970s and of the last decade, focusing on the differences across...
Blanchard, Olivier, Galí, Jordi
We characterize the macroeconomic performance of a set of industrialized economies in the aftermath of the oil price shocks of the 1970s and of the last decade, focusing on the differences across...
The Quality of Labor Relations and Unemployment (2006)
Blanchard, Olivier, Philippon, Thomas
There is a clear negative relation across OECD countries between measures of the quality of labor relations and unemployment. We argue that conflictual labor relations cause high unemployment, and we...
The Quality of Labor Relations and Unemployment (2006)
Blanchard, Olivier, Philippon, Thomas
There is a clear negative relation across OECD countries between measures of the quality of labor relations and unemployment. We argue that conflictual labor relations cause high unemployment, and we...
Labor Markets and Monetary Policy: A New-Keynesian Model with Unemployement (2006)
Blanchard, Olivier, Galí, Jordi
We construct a utility-based model of fluctuations, with nominal rigidities and unemployment, and draw its implications for the unemployment-inflation trade- off and for the conduct of monetary...
International Investors, the U.S. Current Account, and the Dollar (2005)
Blanchard, Olivier (Olivier J.), Giavazzi, Francesco., Sa, Filipa.
Brookings Papers on Economic Activity - 2005, 1
14.452 Macroeconomic Theory II, Spring 2005 (2005)
Blanchard, Olivier (Olivier J.)
The basic machines of macroeconomics. Ramsey, Solow, Samuelson-Diamond, RBCs, ISLM, Mundell-Fleming, Fischer-Taylor. How they work, what shortcuts they take, and how they can be used. Half-term...
14.452 Macroeconomic Theory II, Spring 2005 (2005)
Blanchard, Olivier (Olivier J.)
The basic machines of macroeconomics. Ramsey, Solow, Samuelson-Diamond, RBCs, ISLM, Mundell-Fleming, Fischer-Taylor. How they work, what shortcuts they take, and how they can be used. Half-term...
Real Wage Rigidities and the New Keynesian Model (2005)
Blanchard, Olivier, Galí, Jordi
Most central banks perceive a trade-off between stabilizing inflation and stabilizing the gap between output and desired output. However, the standard new Keynesian framework implies no such...
Current Account Deficits in the Euro Area: The End of the Feldstein-Horioka Puzzle? (2003)
Blanchard, Olivier (Olivier J.), Giavazzi, Francesco.
Brookings Papers on Economic Activity - 2002, 2
The Regulation of Labor (2003)
Juan Botero, Simeon Djankov, Rafael La Porta, Florencio Lopez-de-silanes, Olivier Blanchard, Simon Johnson, ...
We investigate the regulation of labor markets through employment laws, collective bargaining laws, and social security laws in 85 countries. We find that richer countries regulate labor less than...
Comments and Discussion (2002)
Blanchard, Olivier (Olivier J.)
Brookings Papers on Economic Activity - 2002, 1
14.452 Macroeconomic Theory II, Spring 2002 (2002)
Blanchard, Olivier (Olivier J.)
The basic machines of macroeconomics. Ramsey, Solow, Samuelson-Diamond, RBCs, ISLM, Mundell-Fleming, Fischer-Taylor. How they work, what shortcuts they take, and how they can be used. Half-term...
14.452 Macroeconomic Theory II, Spring 2002 (2002)
Blanchard, Olivier (Olivier J.)
The basic machines of macroeconomics. Ramsey, Solow, Samuelson-Diamond, RBCs, ISLM, Mundell-Fleming, Fischer-Taylor. How they work, what shortcuts they take, and how they can be used. Half-term...
Dynamic Efficiency, the Riskless Rate, and Debt Ponzi Games under Uncertainty (2001)
Blanchard, Olivier, Weil, Philippe
In a dynamically efficient economy, can a government roll its debt forever and avoid the need to raise taxes? In a series of examples of economies with zero growth, this paper shows that such Ponzi...
Dynamic Efficiency, the Riskless Rate, and Debt Ponzi Games under Uncertainty (2001)
Blanchard, Olivier, Weil, Philippe
In a dynamically efficient economy, can a government roll its debt forever and avoid the need to raise taxes? In a series of examples of economies with zero growth, this paper shows that such Ponzi...
Dynamic Efficiency, the Riskless Rate, and Debt Ponzi Games under Uncertainty (2001)
Blanchard, Olivier, Weil, Philippe
In a dynamically efficient economy, can a government roll its debt forever and avoid the need to raise taxes? In a series of examples of economies with zero growth, this paper shows that such Ponzi...
Dynamic Efficiency, the Riskless Rate, and Debt Ponzi Games under Uncertainty (2001)
Blanchard, Olivier, Weil, Philippe
In a dynamically efficient economy, can a government roll its debt forever and avoid the need to raise taxes? In a series of examples of economies with zero growth, this paper shows that such Ponzi...
The Long and Large Decline in U.S. Output Volatility (2001)
Blanchard, Olivier (Olivier J.), Simon, John.
Brookings Papers on Economic Activity - 2001, 1
Comments and Discussion (2000)
Blanchard, Olivier (Olivier J.), Sims, Christopher A.
Brookings Papers on Economic Activity - 2000, 1
Blanchard, Olivier., Pérez Enrri, Daniel., Rabasco, Esther., Toharia, Luis.
Incluye bibliografía
Blanchard, Olivier, Pérez Enrri, Daniel, Rabasco, Esther (tr.), Toharia, Luis (tr.)
Traducción de: Macroeconomics
Die Studie beschäftigt sich mit der Rezeption der »Maximes« von La Rochefoucauld bei seinen Zeitgenossen. Dabei versucht sie den Durchsetzungsprozeß dieser Aphorismensammlung nachzuzeichnen.Zu...
Blanchard, Olivier, Kremer, Michael
Under central planning, many firms relied on a single supplier for critical inputs. Transition has led to decentralized bargaining between suppliers and buyers. Under incomplete contracts or...
Macroeconomía / Olivier Blanchard (1997)
Blanchard, Olivier, Rabasco, Esther, Toharia, Luis
Traducción de: Macroeconomics
CENTER DISCUSSION PAPER NO. 780 LABOR MARKET DYNAMICS IN (1997)
Mark C. Foley, Olivier Blanchard, Michael Boozer, Jenny Hunt, John Micklewright, ...
Note: Center Discussion Papers are preliminary materials circulated to stimulate discussions and critical comments. Mark Foley is a Ph.D. candidate in the
Die Studie beschäftigt sich mit der Rezeption der »Maximes« von La Rochefoucauld bei seinen Zeitgenossen. Dabei versucht sie den Durchsetzungsprozeß dieser Aphorismensammlung nachzuzeichnen. Zu...
Post-communist reform: pain and progress (1993)
Blanchard, Olivier, Boycko, Maxim, Dabrowski, Marck, Dornbusch, Rudiger, Layard, Richard, Schleifer, Andrei
Post-communist reform: pain and progress (1993)
Blanchard, Olivier, Boycko, Maxim, Dabrowski, Marck, Dornbusch, Rudiger, Layard, Richard, Schleifer, Andrei
The Polish transformation: programme and progress (1990)
Beksiak, Janusz, Gruszecki, Tomasz, Jedraszczyk, Aleksander, Winiecki, Jan, Blanchard, Olivier, Layard, Richard, ...
The Polish transformation: programme and progress (1990)
Beksiak, Janusz, Gruszecki, Tomasz, Jedraszczyk, Aleksander, Winiecki, Jan, Blanchard, Olivier, Layard, Richard, ...
La "soutenabilité" de la politique budgétaire: réponses nouvelles à une question ancienne (1990)
Blanchard, Olivier, Chouraqui, Jean Claude, Hagemann, Robert P., Sartor, Nicola
Pour apprécier le caractère plus ou moins soutenable de la politique budgétaire, on se fonde habituellement sur des projections du rapport de la dette publique au PNB, qui tiennent compte de...
Lectures on macroeconomics / Olivier Jean Blanchard and Stanley Fischer (1989)
Blanchard, Olivier, Fischer, Stanley
Reimpresíon en 1996
The U.S. Current Account and the Dollar
Olivier Blanchard, Francesco Giavazzi, Filipa Sa
There are two main forces behind the large U.S. current account deficits. First, an increase in the U.S. demand for foreign goods. Second, an increase in the foreign demand for U.S. assets. Both...
Real Wage Rigidities and the New Keynesian Model
Most central banks perceive a trade-off between stabilizing inflation and stabilizing the gap between output and desired output. However, the standard new Keynesian framework implies no such...
Olivier Blanchard, Michael Kremer
Under central planning, many firms relied on a single supplier for critical inputs. Transition has led to decentralized bargaining between suppliers and buyers. Under incomplete contracts or...
European Unemployment: The Evolution of Facts and Ideas
In the 1970s, European unemployment started increasing. It increased further in the 1980s, to reach a plateau in the 1990s. It is still high today, although the average unemployment rate hides a high...
After three years of near stagnation, the mood in Europe is definitely gloomy. Many doubt that the European model has a future. In this paper, I argue that things are not so bad, and there is room...
European unemployment: the evolution of facts and ideas
"In the 1970s, European unemployment started increasing. It increased further in the 1980s, to reach a plateau in the 1990s. It is still high today, although the average unemployment rate hides a...
A new Keynesian model with unemployment
We develop a utility based model of fluctuations, with nominal rigidities, and unemployment. In doing so, we combine two strands of research: the New Keynesian model with its focus on nominal...
Real Wage Rigidities and the New Keynesian Model
Most central banks perceive a trade-off between stabilizing inflation and stabilizing the gap between output and desired output. However, the standard new Keynesian framework implies no such...
Adjustment within the euro. The difficult case of Portugal
E32, E65, F32, F41, J50, Common currency, Euro, Appreciation, Depreciation, Competitiveness, Current account deficit, Expansion, Recession, Portugal, Productivity growth,
A New Keynesian Model with Unemployment
We develop a utility based model of fluctuations, with nominal rigidities, and unemployment. In doing so, we combine two strands of research: the New Key- nesian model with its focus on nominal...
Current Account Deficits in Rich Countries
Current account imbalances have increased steadily in rich countries over the past 20 years. While the U.S. current account deficit dominates the numbers and the news, other countries, especially...
The Long and Large Decline in U.S. Output Volatility
output volatility, macroeconomics, decline, U.S. output
Current Account Deficits in the Euro Area: The End of the Feldstein Horioka Puzzle?
Olivier Blanchard, Francesco Giavazzi
macroeconomics, Current Account Deficits,Euro, Feldstein Horioka Puzzle
International Investors, the U.S. Current Account, and the Dollar
Olivier Blanchard, Francesco Giavazzi, Filipa Sa
Two main forces lie behind the large U.S. current account deficits: an increase in U.S. demand for foreign goods and an increase in foreign demand for U.S. assets. Both have contributed to steadily...
What Hides Behind an Unemployment Rate: Comparing Portuguese and U.S. Labor Markets
Olivier Blanchard, Pedro Portugal
Behind similar unemployment rates in the United States and Portugal hide two very different labor markets. Unemployment duration is three times longer in Portugal than in the United States....
After three years of near stagnation, the mood in Europe is definitely gloomy. Many doubt that the European model has a future. In this paper, I argue that things are not so bad, and there is room...
What We Know and Do Not Know about the Natural Rate of Unemployment.
Blanchard, Olivier, Katz, Lawrence F
Over the past three decades, much research has attempted to identify the determinants of the natural rate of unemployment. The authors reach two main conclusions about this body of work. First, there...
Macroeconomic effects of regulation and deregulation in goods and labor markets
Olivier Blanchard, Francesco Giavazzi
Product and labor market deregulation are fundamentally about reducing and redistributing rents, leading economic players to adjust in turn to this new distribution. Thus, even if deregulation...
The Role of Shocks and Institutions in the Rise of European Unemployment: The Aggregate Evidence.
Blanchard, Olivier, Wolfers, Justin
Two key facts about European unemployment must be explained: the rise in unemployment since the 1960s, and the heterogeneity of individual country experiences. While adverse shocks can potentially...
A New Keynesian Model with Unemployment
We develop a utility based model of fluctuations, with nominal rigidities, and unemployment. In doing so, we combine two strands of research: the New Keynesian model with its focus on nominal...
AN INTERVIEW WITH STANLEY FISCHER
This interview was completed in May 2004, well before Stan Fischer had any idea he would become Governor of the Bank of Israel, a position he took up in May 2005. The interview took place in April...
An Interview with Janos Kornai.
Most of us are armchair economists. Whether our opinions are right or wrong, we can proffer them at little personal cost--the most we can lose is our reputation. Not so for Janos Kornai. For much of...
Current Account Deficits in the Euro Area: The End of the Feldstein Horioka Puzzle?
Olivier Blanchard, Francesco Giavazzi
macroeconomics, Current Account Deficits,Euro, Feldstein Horioka Puzzle
The Long and Large Decline in U.S. Output Volatility
output volatility, macroeconomics, decline, U.S. output
Current Account Deficits in the Euro Area: The End of the Feldstein Horioka Puzzle?
Olivier Blanchard, Francesco Giavazzi
macroeconomics, Current Account Deficits,Euro, Feldstein Horioka Puzzle
International Investors, the U.S. Current Account, and the Dollar
Olivier Blanchard, Francesco Giavazzi, Filipa Sa
Two main forces lie behind the large U.S. current account deficits: an increase in U.S. demand for foreign goods and an increase in foreign demand for U.S. assets. Both have contributed to steadily...
Federalism With and Without Political Centralization: China Versus Russia
Olivier Blanchard, Andrei Shleifer
In China, local governments have actively contributed to the growth of new firms. In Russia, local governments have typically stood in the way, be it through taxation, regulation, or corruption. We...
International Investors, the U.S. Current Account, and the Dollar
Olivier Blanchard, Francesco Giavazzi, Filipa Sa
Two main forces lie behind the large U.S. current account deficits: an increase in U.S. demand for foreign goods and an increase in foreign demand for U.S. assets. Both have contributed to steadily...
Unemployment: Macroeconomic Performance and the Labour Market by Richard Layard, Stephen Nickell, and Richard Jackman (Oxford University Press 2005) is the second edition of a book first published in...
The Long and Large Decline in U.S. Output Volatility
output volatility, macroeconomics, decline, U.S. output
Rebalancing Growth in China: A Three-Handed Approach
Olivier Blanchard, Francesco Giavazzi
The present paper is an attempt to define the contours of the right macroeconomic strategy for China. In a nutshell, we believe that the package includes a decrease in saving, with a focus on private...
Reducing Spanish unemployment under the EMU
Olivier Blanchard, Juan F. Jimeno
Spain enter the EMU with an unemployment rate roughly ten percentage Points higher than the Euro average - 19% versus 9%. Can it reasonably hope to eliminate this differential and join its Euro...
Macroeconomic implications of shifts in the relative demand for skills
Besides widening wage inequality, if the demand for skills continues to increase it will probably reduce aggregate employment. Policy measures to offset the impact of increased demand for skills on...
The automatic fiscal stabilizers: quietly doing their thing - commentary
Fiscal policy ; Consumption (Economics) ; Business cycles ; Economic stabilization
Real wage rigidities and the New Keynesian model
Most central banks perceive a trade-off between stabilizing inflation and stabilizing the gap between output and desired output. However, the standard new Keynesian framework implies no such...
The US Current Account and the Dollar
Blanchard, Olivier, Giavazzi, Francesco, Sa, Filipa
There are two main forces behind the large US current account deficits. First, an increase in the US demand for foreign goods. Second, an increase in the foreign demand for US assets. Both forces...
Macroeconomic Effects Of Regulation And Deregulation In Goods And Labor Markets
Olivier Blanchard, Francesco Giavazzi
Product and labor market deregulation reduce and redistribute rents, leading economic players to adjust to this new distribution. It typically comes with distribution and dynamic effects. To study...
Olivier Blanchard, Roberto Perotti
This paper characterizes the dynamic effects of shocks in government spending and taxes on U. S. activity in the postwar period. It does so by using a mixed structural VAR/event study approach....
What Do We Know About Macroeconomics That Fisher And Wicksell Did Not?
This essay argues that the history of macroeconomics during the twentieth century can be divided into three epochs. Pre-1940: a period of exploration, during which all the right ingredients were...
Blanchard, Olivier, Kremer, Michael
Under central planning, many firms relied on a single supplier for critical inputs. Transition has led to decentralized bargaining between suppliers and buyers. Under incomplete contracts or...
The Stock Market, Profit, and Investment.
Blanchard, Olivier, Rhee, Changyong, Summers, Lawrence
Should managers, when taking investment decisions, follow the signals given by the stock market even when those do not coincide with their own assessment of fundamentals? Do they? In this paper, the...
Federalism With and Without Political Centralization: China Versus Russia
Olivier Blanchard, Andrei Shleifer
In China, local governments have actively contributed to the growth of new firms. In Russia, local governments have typically stood in the way, be it through taxation, regulation, or corruption. We...
Labor Markets and Monetary Policy: A New-Keynesian Model with Unemployement
We construct a utility-based model of fluctuations, with nominal rigidities and unemployment, and draw its implications for the unemployment-inflation trade- off and for the conduct of monetary...
Dynamic Efficiency, the Riskless Rate, and Debt Ponzi Games under Uncertainty
Olivier Blanchard, Philippe Weil
In a dynamically efficient economy, can a government roll its debt forever and avoid the need to raise taxes? In a series of examples of economies with zero growth, this paper shows that such Ponzi...
Dynamic Efficiency, the Riskless Rate, and Debt Ponzi Games under Uncertainty
Olivier Blanchard, Philippe Weil
In a dynamically efficient economy, can a government roll its debt forever and avoid the need to raise taxes? In a series of examples of economies with zero growth, this paper shows that such Ponzi...
A new method to estimate time variation in the NAIRU - comments
Inflation (Finance) ; Unemployment ; Phillips curve
The Sustainability of Fiscal Policy: New Answers to an Old Question
Olivier Blanchard, Jean-Claude Chouraqui, Robert P. Hagemann, Nicola Sartor
The Stock Market, Profit and Investment
Olivier Blanchard, Changyong Rhee, Lawrence Summers
Should managers, when making investment decisions, follow the signals given by the stock market even if those do not coincide with their own assessments of fundamental value? This paper reviews the...
What We Know and Do Not Know About the Natural Rate of Unemployment
Olivier Blanchard, Lawrence F. Katz
Over the past three decades, a large amount of research has attempted to identify the determinants of the natural rate of unemployment. It is this body of work we assess in this paper. We reach two...
Revisiting European Unemployment: Unemployment, Capital Accumulation, and Factor Prices
This paper starts from two sets of facts about Continental Europe.The first is the steady increase in unemployment since the early 1970s. The second is the evolution of the capital share, an initial...
What Hides Behind an Umemployment Rate: Comparing Portuguese and U.S. Unemployment
Olivier Blanchard, Pedro Portugal
Over the last 15 years, Portugal and the United States have had the same average unemployment rate, about 6.5%. But behind these similar rates hide two very different labor markets. Unemployment...
Olivier Blanchard, Roberto Perotti
This paper characterizes the dynamic effects of shocks in government spending and taxes on economic activity in the United States in the post-war period. It does so by using a mixed structural...
The Role of Shocks and Institutions in the Rise of European Unemployment: The Aggregate Evidence
Olivier Blanchard, Justin Wolfers
Two key facts about European unemployment must be explained: the rise in unemployment since the 1960s, and the heterogeneity of individual country experiences. While adverse shocks can potentially...
What do we know about Macroeconomics that Fisher and Wicksell did not?
The answer to the question in the title is: A lot. In this essay, I argue that the history of macroeconomics during the 20th century can be divided in three epochs: Pre 1940. A period of exploration,...
Federalism with and without Political Centralization: China versus Russia
Olivier Blanchard, Andrei Shleifer
In China, local governments have actively contributed to the growth of new firms. In Russia, local governments have typically stood in the way, be it through taxation, regulation, or corruption....
Macroeconomic Effects of Regulation and Deregulation in Goods and Labor Markets
Olivier Blanchard, Francesco Giavazzi
Product and labor market deregulation are fundamentally about reducing and redistributing rents, leading economic players to adjust in turn to this new distribution. Thus, even if deregulation...
The Perverse Effects of Partial Labor Market Reform: Fixed Duration Contracts in France
Olivier Blanchard, Augustin Landier
Rather than decrease firing costs across the board, a number of European countries have allowed firms to hire workers on fixed-duration contracts. At the end of a given duration, these contracts can...
Fiscal Dominance and Inflation Targeting: Lessons from Brazil
A standard proposition in open-economy macroeconomics is that a central-bank-engineered increase in the real interest rate makes domestic government debt more attractive and leads to a real...
The Optimal Design of Unemployment Insurance and Employment Protection. A First Pass
Olivier Blanchard, Jean Tirole
Much of the policy discussion of labor market institutions has been at the margin, with proposals to tighten unemployment benefits, reduce employment protection, and so on. There has been little...
The Quality of Labor Relations and Unemployment
Olivier Blanchard, Thomas Philippon
In countries where wages are primarily set by collective bargaining, the effects on unemployment of changes in the economic environment depend crucially on the speed of learning of unions. This speed...
Real Wage Rigidities and the New Keynesian Model
Most central banks perceive a trade-off between stabilizing inflation and stabilizing the gap between output and desired output. However, the standard new Keynesian framework implies no such...
Current Account Deficits in Rich Countries
Current account imbalances have steadily increased in rich countries over the last 20 years. While the U.S. current account deficit dominates the numbers and the news, other countries, especially...
Labor Markets and Monetary Policy: A New-Keynesian Model with Unemployment
We construct a utility-based model of fluctuations, with nominal rigidities and unemployment, and draw its implications for the unemployment-inflation tradeoff and for the conduct of monetary...
An Interview with J nos Kornai
Most of us are armchair economists. Whether our opinions are rightor wrong, we can proffer them at little personal cost the most we can loseis our reputation. Not so for J nos Kornai. For much of his...
Current Account Deficits in Rich Countries
Current account imbalances have steadily increased in rich countries over the last 20 years. While the U.S. current account deficit dominates the numbers and the news, other countries, especially...
A new method to estimate time variation in the NAIRU - comments
Inflation (Finance) ; Unemployment ; Phillips curve
NBER Macroeconomics Annual 1992
Olivier Blanchard, Stanley Fischer
This is the seventh in a series of annuals from the National Bureau of Economic Research that are designed to stimulate research on problems in applied economics, to bring frontier theoretical...
The Natural Rate of Unemployment
For 25 years, theory about the causes of, and possible solutions to, the problem of unemployment has been dominated by Phelps’ and Friedman’s natural rate of unemployment hypothesis. This...
Dynamic Efficiency, the Riskless Rate, and Debt Ponzi Games under Uncertainty
Olivier Blanchard, Philippe Weil
In a dynamically efficient economy, can a government roll its debt forever and avoid the need to raise taxes? In a series of examples of economies with zero growth, this paper shows that such Ponzi...