Overview
Olivier Jean Blanchard is a macroeconomist (Robert M. Solow Professor of Economics Emeritus, MIT; Senior Fellow, Peterson Institute; former Chief Economist of the IMF, 2008–2015) known for work on unemployment, fiscal policy, and the empirical analysis of macroeconomic fluctuations.
Key Contributions / Features
- Long-run-restriction SVAR (Blanchard-Quah 1989): bivariate output–unemployment structural VAR identified by the restriction that demand shocks have no permanent effect on output; founding paper of long-run identification. American Economic Review 79(4): 655–673.
- Fiscal-policy SVAR (Blanchard-Perotti 2002): identification of government-spending and tax shocks using institutional information on tax/transfer elasticities.
- Hysteresis in unemployment (Blanchard-Summers 1986): European unemployment persistence via insider-outsider and hysteresis mechanisms.
- Widely used graduate and intermediate Macroeconomics textbooks.
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