Olivier Blanchard
Olivier Jean Blanchard (French:
Blanchard has also authored an undergraduate macroeconomics textbook, appearing so far in eight editions, which is one of the most widely used economics books at the undergraduate level, and in 1989 a graduate-level textbook (together with Stanley Fischer), which was prominent in its time.
Career
Blanchard graduated from
Blanchard has published numerous research papers in the field of macroeconomics, as well as undergraduate and graduate macroeconomics textbooks. In 1987, together with Nobuhiro Kiyotaki, Blanchard demonstrated the importance of monopolistic competition for the aggregate demand multiplier.[27] Most New Keynesian macroeconomic models now assume monopolistic competition for the reasons outlined by them.
He is a fellow and past Council member of the Econometric Society, and a member of the American Academy of Arts and Sciences.
International Monetary Fund
During his tenure as chief economist, Blanchard's reshaped IMF policies. During the Great Recession Blanchard supported global fiscal stimulus. During its slow recovery he urged a cautious removal of stimulus and advocated quantitative easing.[28]
Austerity v. stimulus debate
By 2010, following the financial crisis, many countries ran significant budget deficits. There was a global turn to austerity as
By 2011 Paul Krugman noted that Blanchard was already "suggesting that harsh austerity programs may be literally self-defeating, hurting the economy so much that they worsen fiscal prospects."[31] Krugman thinks that by 2012, every country that had introduced "significant austerity" had suffered economically, and that Blanchard had issued "what amounted to a mea culpa."[29] According to Krugman, "the IMF now believes that it massively understated the damage that spending cuts inflict on a weak economy."[29] On the other hand, the IMF under Blanchard in 2014 was forced to admit that it had overestimated the negative effects of austerity – the IMF had warned of low growth because the British government did not spend enough, but in the end, the British economy grew much larger than the IMF had predicted. IMF-head Christine Lagarde apologized to the British government for the mistake.[32][33]
Inequality
Under Blanchard's tenure at IMF,
as the effects of the financial crisis slowly diminish, another trend may come to dominate the scene, namely rising inequality. Though inequality has always been perceived to be a central issue, until recently it was not seen as having major implications for macroeconomic developments. This belief is increasingly called into question. How inequality affects both the macroeconomy, and the design of macroeconomic policy, will likely be increasingly important items on our agenda for a long time to come.
— Olivier Blanchard World Economic Outlook April 2014
Textbooks
Blanchard has authored two textbooks in macroeconomics:[36] A seminal[37] advanced textbook for graduate students "Lectures on macroeconomics" in 1989[37] together with Stanley Fischer, which has been called a gold standard for its era by the American Economic Association,[38] and the intermediate-level undergraduate textbook simply called "Macroeconomics". The first edition of "Macroeconomics" appeared in 1996,[39] and in 2021 its eighth edition appeared, published by Pearson Education. In a survey of 65 leading economics departments in 2021, Blanchard's textbook was the most widely used undergraduate macroeconomics textbook of all, not least because of its popularity in European universities, followed by Greg Mankiw's in second place.[39]
References
- ^ Blanchard, Olivier (1977). Two essays on economic fluctuations (Ph.D.). MIT. Retrieved 1 February 2017.
- ^ Benabou, Roland Jean-Marc (1986). Optimal price dynamics, speculation and search under inflation (Ph.D.). MIT. Retrieved 1 February 2017.
- ^ Burda, Michael C. "CV" (PDF). Humboldt University of Berlinn. Archived from the original (PDF) on 4 February 2017. Retrieved 3 February 2017.
- ^ Caballero, Ricardo J. (1988). The Stochastic Behavior of Consumption and Savings (PDF) (Ph.D.). MIT. Retrieved 17 October 2016.
- ^ Galí, Jordi (1989). Essays on macroeconomics (Ph.D.). MIT. Retrieved 1 February 2017.
- ^ Kashyap, A. K. (1989). Price setting and investment : models and evidence (Ph.D.). MIT. Retrieved 1 February 2017.
- ^ Saint-Paul, Gilles (1990). Essays on labor markets and macro-economic activity (Ph.D.). MIT. Retrieved 1 February 2017.
- ^ Eberly, Janice Caryl (1991). Durable goods and transactions costs : theory and evidence (Ph.D.). MIT. Retrieved 2 February 2017.
- hdl:1721.1/12701. Retrieved 2 February 2017.
- ^ Laibson, David Isaac (1994). Hyperbolic Discounting and Consumption (PDF) (Ph.D.). MIT. Retrieved 1 February 2017.
- hdl:1721.1/10830. Retrieved 1 February 2017.
- hdl:1721.1/10832. Retrieved 17 October 2016.
- ^ Landier, Augustin (2001). Essays on entrepreneurship, venture capital and innovation (PDF) (Ph.D.). MIT. Retrieved 1 February 2017.
- ^ Wolfers, Justin. "CV" (PDF). NBER. Retrieved 3 February 2017.
- ^ "RePEc Genealogy page for Justin Wolfers". RePEc Genealogy. Retrieved 8 June 2017.
- ^ Philippon, Thomas (2003). Three essays in macroeconomics (PDF) (Ph.D.). MIT. Retrieved 27 November 2016.
- ^ "Olivier Blanchard's CV", Massachusetts Institute of Technology Department of Economics, nd, retrieved 3 October 2015
- ^ "Olivier Blanchard Contact Information". Massachusetts Institute of Technology Department of Economics. nd. Retrieved 3 October 2015.
- ^ "Blanchard Sees Global Economy Weathering Financial Storm", International Monetary Fund, 2 September 2008
- ^ Pearlstein, Steven (2 October 2015). "The smartest economist you've never heard of". Washington Post. Retrieved 3 October 2015.
- ^ "IMF Economic Counsellor and Director of Research Olivier Blanchard To Retire from the Fund" (International Monetary Fund; May 14, 2015).
- ^ IMF (20 July 2015). "IMF Managing Director Christine Lagarde Appoints Maurice Obstfeld as Economic Counsellor and Director of the IMF's Research Department". Retrieved 20 July 2015.
- ^ Economist Rankings at IDEAS
- ^ Alumni, ESCP Europe. "ESCP Europe Alumni - Hall of Fame". www.escpeuropealumni.org. Retrieved 23 November 2017.
- ^ "Olivier Blanchard, professeur d'économie au MIT - EuropUSA". EuropUSA (in French). Retrieved 23 November 2017.
- ^ Asia 21 Bio
- JSTOR 1814537.
- ^ Loungani, Prakash (2 October 2015). "The Frenchman Who Reshaped the IMF Reflections on the work of Olivier, the IMF's now retired chief economist". The Globalist. Washington, DC. Retrieved 3 October 2015.
- ^ a b c Krugman, Paul (29 April 2015). "The case for cuts was a lie. Why does Britain still believe it? The austerity delusion by Paul Krugman". The Guardian. UK. Retrieved 3 October 2015.
- ^ Blanchard, Olivier; Cottarelli, Carlo (24 June 2010). "Ten Commandments for Fiscal Adjustment in Advanced Economies". iMFdirect. Retrieved 3 October 2015.
- ^ Krugman, Paul (21 December 2011). "Olivier Blanchard Isn't Very Serious". New York Times. The Conscience of a Liberal. Retrieved 3 October 2015.
- ^ Armitstead, Luise (6 June 2014). "IMF accepts it was wrong on George Osborne's austerity". The Daily Telegraph. Retrieved 15 May 2020.
- ^ Kennedy, Simon (9 June 2014). "Lagarde Says IMF 'Got It Wrong' on Rallying U.K. Economy". Bloomberg News. Retrieved 15 May 2020.
- ^ Berg, Andrew G.; Ostry, Jonathan D. (8 April 2011). "Inequality and Unsustainable Growth: Two Sides of the Same Coin?" (PDF). International Monetary Fund. p. 20. Retrieved 3 October 2015.
- ^ a b "IMF: rising inequality is an increasingly important issue". The Guardian. UK. 8 April 2014. Retrieved 3 October 2015.
- ^ "Olivier Blanchard | PIIE". www.piie.com. 2 March 2016. Retrieved 17 November 2023.
- ^ a b "New fund, old fundamentals". The Economist. 30 April 2019. Retrieved 17 November 2023.
- ^ "Stanley Fischer, Distinguished Fellow 2013". www.aeaweb.org. American Economic Association. Retrieved 17 November 2023.
- ^ a b Courtoy, François; De Vroey, Michel; Turati, Riccardo. "What do we teach in Macroeconomics? Evidence of a Theoretical Divide" (PDF). sites.uclouvain.be. UCLouvain. Retrieved 17 November 2023.