Blanchard Pushes for More Inflation

Blanchard Pushes for More Inflation

It seems that different people have drawn different lessons from the credit crunch and global recession. Many have pointed to the Fed’s easy-money policy as a major culprit. Not so the chief economist of the International Monetary Fund, and the leading light of mainstream “new Keynesians,” Olivier Blanchard. His recipe for avoiding future calamities of the kind recently witnessed is for monetary policy to be even looser and inflation rates even higher, as expressed in a recent Wall Street Journal interview.

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