Olivier Blanchard
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A citizen of France, Olivier Blanchard has spent his professional life in Cambridge, U.S. After obtaining his Ph.D in economics at the Massachusetts Institute of Technology in 1977, he taught at Harvard University, returning to MIT in 1982, where he has been since then. He is the Class of 1941 Professor of Economics, and past Chair of the Economics Department. He is currently on leave from MIT, as Economic Counsellor and Director of the Research Department of the International Monetary Fund.

He is a macroeconomist, who has worked on a wide set of issues, from the role of monetary policy, to the nature of speculative bubbles, to the nature of the labor market and the determinants of unemployment, to transition in former communist countries. In the process, he has worked with numerous countries and international organizations. He is the author of many books and articles, including two textbooks in macroeconomics, one at the graduate level with Stanley Fischer, one at the undergraduate level.

He is a fellow and Council member of the Econometric Society, a past vice president of the American Economic Association, and a member of the American Academy of Sciences.
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Entries by Olivier Blanchard

Ahora que mejora la demanda, prestemos atención a la oferta

(0) Comments | Posted April 9, 2014 | 4:45 PM

La dinámica que se perfilaba cuando publicamos la edición de octubre de 2013 de Perspectivas de la economía mundial (informe WEO, por sus siglas en inglés) es cada vez más patente. En otras palabras, la recuperación se está afianzando.

En la última edición del informe WEO,...

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As Demand Improves, Time to Focus More on Supply

(1) Comments | Posted April 8, 2014 | 3:41 PM

The dynamics that were emerging at the time of the October 2013 World Economic Outlook are becoming more visible. Put simply, the recovery is strengthening.

In our recent World Economic Outlook, we forecast world growth to be 3.6 percent this year and 3.9 percent next year,...

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Recovery Strengthening, But Much Work Remains

(1) Comments | Posted January 21, 2014 | 10:30 AM

I want to take a moment today to remember our colleague Wabel Abdallah, who was our resident representative in Afghanistan and who, as many of you know, was killed in the terrorist attack in Kabul on Friday. We are mourning a colleague, a friend to many of us, above all...

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International Policy Coordination: The Loch Ness Monster

(0) Comments | Posted December 16, 2013 | 10:48 AM

International policy coordination is like the Loch Ness monster: much discussed but rarely seen. Going back over the decades, and even further in history to the period between the Great Wars, coordination efforts have been episodic.

Coordination seems to occur spontaneously in turbulent periods, when the world faces the prospect...

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La política monetaria nunca volverá a ser como antes

(0) Comments | Posted December 5, 2013 | 11:49 AM

El mes pasado, el FMI organizó una importante conferencia, en honor a Stanley Fischer, sobre las enseñanzas de la crisis. En este artículo, presentaré mi visión personal de la misma y me centraré en lo que, en mi opinión, son las enseñanzas para la formulación de la política...

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Monetary Policy Will Never Be the Same

(2) Comments | Posted December 5, 2013 | 11:40 AM

Two weeks ago, the IMF organized a major research conference, in honor of Stanley Fischer, on lessons from the crisis. Here is my take. I shall focus on what I see as the lessons for monetary policy, but before I do this, let me mention two other important...

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Advanced Economies Strengthening, Emerging Market Economies Weakening

(0) Comments | Posted October 8, 2013 | 3:58 PM

The issue probably foremost on everyone's mind is the fiscal situation in the United States and its potential implications.

While the focus is on the shutdown and the debt ceiling, we should not forget the sequester, which is leading to a fiscal consolidation this year which is both too large...

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Global Outlook -- Still Three Speeds, But Slower

(5) Comments | Posted July 9, 2013 | 8:00 PM

Today we released our update of the World Economic Outlook.

The world economy remains in 3-speed mode.  Emerging markets are still growing rapidly.  The US recovery is steady.  And much of Europe continues to struggle. 

There is however a twist to the story.   Growth almost everywhere is...

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Rethinking Macroeconomic Policy

(22) Comments | Posted April 29, 2013 | 12:17 PM

The IMF has just hosted a second conference devoted to rethinking macroeconomic policy in the wake of the crisis. After two days of fascinating presentations and discussions, I am certain of one thing: this is unlikely to be our last conference on the subject.

Rethinking and reforms are...

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The World's Three Speed Economic Recovery

(4) Comments | Posted April 16, 2013 | 1:45 PM

The main theme of our latest outlook is one that you have now heard for a few days: we have moved from a two-speed recovery to a three-speed recovery.

Emerging market and developing economies are still going strong, but in advanced economies, there appears to be a growing bifurcation between...

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Jobs. Jobs. Jobs. Getting the Labor Markets Working Again

(0) Comments | Posted November 8, 2012 | 3:22 PM

The sharp and persistent rise in unemployment in advanced economies since the 2008-09 financial crisis is a hotly debated policy issue. Rightly so: High persistent unemployment has major human and economic costs, from loss of morale to loss of skills. More broadly, it seems to undermine the very fabric of...

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Économie mondiale: des mauvaises nouvelles et quelques lueurs d'espoir

(24) Comments | Posted October 18, 2012 | 2:23 PM

La reprise économique mondiale se poursuit, mais elle s'est encore affaiblie. Dans les pays avancés, la croissance est maintenant trop basse pour faire diminuer sensiblement le chômage. Dans les principaux pays émergents, la croissance qui avait été jusqu'ici vigoureuse a aussi fléchi.
Je citerai quelques chiffres tirés...

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Global Economy: Some Bad News and Some Hope

(2) Comments | Posted October 9, 2012 | 1:01 PM

The world economic recovery continues, but it has weakened further. In advanced countries, growth is now too low to make a substantial dent in unemployment. And in major emerging countries, growth that had been strong earlier has also decreased.

Let me give you a few numbers from our...

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World Faces Weak Economic Recovery

(6) Comments | Posted July 16, 2012 | 3:19 PM

The global recovery continues, but the recovery is weak; indeed a bit weaker than we forecast in April.

In the Euro zone, growth is close to zero, reflecting positive but low growth in the core countries, and negative growth in most periphery countries.

In the United...

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Lessons From Latvia

(4) Comments | Posted June 12, 2012 | 1:10 PM

In 2008, Latvia was widely seen as an economic "basket case," a textbook example of a boom turned to bust.

From 2005 to 2007, average annual growth had exceeded 10%, the current account deficit had increased to more than 20% of GDP. By early 2008 however, the boom had come...

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Mediocre Growth, High Risks, and the Long Road Ahead

(6) Comments | Posted April 17, 2012 | 3:12 PM

For the past six months, the world economy has been on what is best described as a roller coaster.

Last autumn, a simmering European crisis became acute, threatening another Lehman-size event, and the end of the recovery. Strong policy measures were taken, new governments came to power in...

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The Logic and Fairness of Greece's Program

(8) Comments | Posted March 20, 2012 | 5:00 PM

To get back to health, Greece needs two things. First, a lower debt burden. Second, improved economic competitiveness. The new program addresses both.

Bringing down the debt
Some countries have been able to work down heavy public debt burdens. Those that were successful did it through sustained...

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Driving the Global Economy with the Brakes On

(6) Comments | Posted January 24, 2012 | 3:54 PM

After the speech by the IMF's Managing Director in Berlin yesterday, my main messages on the global outlook will not surprise you.

Starting with the bad news -- the world recovery, which was weak in the first place, is in danger of stalling. The epicenter of...

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2011 In Review: Four Hard Truths

(0) Comments | Posted December 21, 2011 | 12:00 PM

What a difference a year makes ...

We started 2011 in recovery mode, admittedly weak and unbalanced, but nevertheless there was hope. The issues appeared more tractable: how to deal with excessive housing debt in the United States, how to deal with adjustment in countries at the periphery of the...

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Strong Policy Action -- The Essence of Restoring Global Economic Hope

(0) Comments | Posted September 21, 2011 | 9:09 AM

The global economy has entered a dangerous new phase. The recovery has weakened considerably, and downside risks have increased sharply. Strong policies are urgently needed to improve the outlook and reduce risks.
Growth, which had been strong in 2010, decreased in 2011. We had forecast some slowdown, due...

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