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...I m f s t a p o n e february spn rethinking macroeconomic policy olivier blanchard giovanni dell ariccia and paolo mauro r l y u d international monetary fund research department prepared by authorized for distribution disclaimer the views expressed herein are those of authors should not be attributed to imf its executive board or management great moderation lulled macroeconomists policymakers alike in belief that we knewhow conduct crisis clearly forces us question assessment this paper review main elements pre consensus identify where were wrong what tenets framework still hold take tentative first pass at contours new jelclassification numbers g h keywords macroprudential regulation inflation targets automatic stabilizers email addresses oblanchard org gdellariccia pmauro one series seoul papers on current macro financial issues is economic counsellor director an advisor division chief fiscal affairs helpful inputs from mark stone stephanie eble aditya narain cemile sancak gratefull...