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Author:Blanchard, Olivier Jean 

Conference Paper
Real wage rigidities and the New Keynesian model

Proceedings

Working Paper
Why Has the Stock Market Risen So Much Since the US Presidential Election?

This paper looks at the evolution of U.S. stock prices from the time of the Presidential elections to the end of 2017. It concludes that a bit more than half of the increase in the aggregate U.S. stock prices from the presidential election to the end of 2017 can be attributed to higher actual and expected dividends. A general improvement in economic activity and a decrease in economic policy uncertainty around the world were the main factors behind the stock market increase. The prospect and the eventual passage of the corporate tax bill nevertheless played a role. And while part of the rise ...
International Finance Discussion Papers , Paper 1235

Conference Paper
Macroeconomic implications

Proceedings

Working Paper
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 trade-off. In that framework, stabilizing inflation is equivalent to stabilizing the welfare-relevant output gap. In this paper, we argue that this property of the new Keynesian framework, which we call the divine coincidence, is due to a special feature of the model: the absence of nontrivial real imperfections. ; We focus on one such real imperfection, namely, real wage rigidities. When the baseline new ...
Working Papers , Paper 05-14

Journal Article
The automatic fiscal stabilizers: quietly doing their thing - commentary

Economic Policy Review , Issue Apr , Pages 69-74

Journal Article
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 wage inequality and employment would be very costly. Moreover, given local funding of primary and secondary education a sufficiently large supply response cannot be assumed.
Economic Policy Review , Issue Jan , Pages 48-53

Conference Paper
For a return to pragmatism

Proceedings

Conference Paper
A new method to estimate time variation in the NAIRU - comments

Conference Series ; [Proceedings]

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