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Olivier Jean Blanchard (French: [blɑ̃ʃaʁ]; born December 27, 1948) [17] [18] is a French economist and professor. He is Robert M. Solow Professor Emeritus of Economics at the Massachusetts Institute of Technology , Professor of Economics at the Paris School of Economics , and as the C. Fred Bergsten Senior Fellow at the Peterson Institute ...
Macroeconomics is a branch of economics that deals with the performance, ... including Olivier Blanchard, Janet Yellen, Julio Rotemberg, Greg Mankiw, ...
Notably this is the case in Olivier Blanchard's widely-used [13] intermediate-level textbook "Macroeconomics" since its 7th edition in 2017. [14] In this case, the LM curve becomes horizontal at the interest rate level chosen by the central bank, allowing a simpler kind of dynamics.
Jordi Galí and Olivier Blanchard have called this property the 'divine coincidence', and have argued that in more realistic models which include additional frictions, it no longer holds. Instead, models with additional frictions (such as frictional unemployment ) imply a tradeoff between stabilizing inflation and stabilizing the output gap.
During his storied tenure at the university, Solow taught the likes of former Fed Vice Chair Alan Blinder and former International Monetary Fund chief economist Olivier Blanchard. Two of his ...
Olivier Blanchard and Lawrence Summers (1986) [x] explained hysteresis in unemployment with insider-outsider models, which were also proposed by Assar Lindbeck and Dennis Snower in a series of papers and then a book. [y] Insiders, employees already working at a firm, are only concerned about their own welfare. They would rather keep their wages ...
Conversely, if New Keynesian models are extended to account for these real imperfections, divine coincidence disappears and central banks again face a trade-off between inflation and output gap stabilization. The definition of divine coincidence is usually attributed to the seminal article by Olivier Blanchard and Jordi Galí in 2007. [1]
Olivier Blanchard was chosen as the first editor. He resigned in 2009 stating that his duties as Chief Economist of the International Monetary Fund proved incompatible with editing the journal in the context of the current financial crisis. [3] He was replaced by Steven J. Davis. The current editor is John Leahy.
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