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- handle: 10670/1.35yuua
- hal: hal-03458622
- doi: 10.1080/09538259.2017.1330378
- SCIENCESPO: 2441/1hlgq13piu8cirvmd44v0hs2v1
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Mots-clés
Alternative economic paradigms Great recession Mainstream macroeconomics Neoclassical theory Olivier Blanchard B - History of Economic Thought, Methodology, and Heterodox Approaches/B.B3 - History of Economic Thought: Individuals/B.B3.B31 - Individuals B - History of Economic Thought, Methodology, and Heterodox Approaches/B.B4 - Economic Methodology/B.B4.B41 - Economic Methodology B - History of Economic Thought, Methodology, and Heterodox Approaches/B.B5 - Current Heterodox Approaches/B.B5.B50 - General E - Macroeconomics and Monetary Economics/E.E1 - General Aggregative Models/E.E1.E10 - GeneralSujets proches
Frontier troubles Philosophy--Methodology AnnalsCiter ce document
Emiliano Brancaccio et al., « Evolutions and Contradictions in Mainstream Macroeconomics: The Case of Olivier Blanchard », Archive ouverte de Sciences Po (SPIRE), ID : 10.1080/09538259.2017.1330378
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Résumé
This article traces the complex intellectual path of Olivier Blanchard, a personification of the controversial evolution of macroeconomic research over the last three decades. After contributing to consolidation of the core of mainstream macroeconomics, Blanchard recently suggested ‘rethinking’ some of its key aspects to take stock of the lessons of the 2008 Great Recession, which he witnessed as the International Monetary Fund’s Chief Economist. This welcome discussion, which according to Blanchard should open mainstream macroeconomics to heterodox thinking, has so far produced a certainly interesting albeit theoretically contradictory synthesis and limited policy consequences. The most paradigmatic aspect of this rethinking of macroeconomics is represented by the abandonment in teaching of aggregate supply and demand in favor of a revival of the IS–LM model complemented by the Phillips curve. While this change of perspective does allow for the instability of ‘natural’ equilibrium to be emphasized, a deeper reading may prove incompatible with the neoclassical foundations of the mainstream approach.