Olivier Jean Blanchard (French: [blɑ̃ʃaʁ]; born December 27, 1948) is a French economist and professor who is a Senior Fellow at the Peterson Institute for International Economics. He was the chief economist at the International Monetary Fund from September 1, 2008 to September 8, 2015. Blanchard was appointed to the position under the tenure of Dominique Strauss-Kahn; he was succeeded by Maurice Obstfeld. He also is a Robert M. Solow Professor of Economics emeritus at the Massachusetts Institute of Technology (MIT). He is one of the most cited economists in the world, according to IDEAS/RePEc.
Blanchard at the restitution of the 2008 World Economic Outlook survey
|Born||December 27, 1948|
|Institution||Peterson Institute for International Economics (since 2015)|
International Monetary Fund (2008–2015)
Massachusetts Institute of Technology
|New Keynesian economics|
|Alma mater||ESCP Europe
Paris Dauphine University
Michael C. Burda
Ricardo J. Caballero
Charles I. Jones
|Information at IDEAS / RePEc|
Blanchard graduated from ESCP Europe (one of France's top grandes écoles in business) in 1970. From 1970 to 1973, he completed graduate level courses in economics and applied mathematics at Paris Dauphine University and Paris Nanterre University. He obtained a PhD in economics from the MIT in 1977. He taught at Harvard University between 1977 and 1983, after which time he returned to MIT as a professor. Between 1998 and 2003 Blanchard served as the Chairman of the Economics Department at MIT.
Blanchard has published numerous research papers in the field of macroeconomics, as well as undergraduate and graduate macroeconomics textbooks. In 1987, together with Nobuhiro Kiyotaki, Blanchard demonstrated the importance of monopolistic competition for the aggregate demand multiplier. Most New Keynesian macroeconomic models now assume monopolistic competition for the reasons outlined by them.
During his tenure as Chief Economist, Blanchard's reshaped IMF policies. During the Great Recession Blanchard supported global fiscal stimulus. During its slow recovery he urged a cautious removal of stimulus and advocated quantitative easing.
By 2010, following the financial crisis, many countries ran significant budget deficits. There was a global turn to austerity as Washington Consensus economists encouraged governments to cut spending and raise taxes to avoid a government debt crisis, as occurred in Greece. In June 2010 Blanchard and Carlo Cottarelli, the director of the IMF's fiscal affairs department co-authored an IMF blog post entitled "Ten Commandments for Fiscal Adjustment in Advanced Economies."
By 2011 Paul Krugman noted that Blanchard was already "suggesting that harsh austerity programs may be literally self-defeating, hurting the economy so much that they worsen fiscal prospects." By 2012 every country that had introduced "significant austerity" suffered economically. Blanchard issued "what amounted to a mea culpa." According to Paul Krugman, "the IMF now believes that it massively understated the damage that spending cuts inflict on a weak economy."
Under Blanchard's tenure at IMF, Jonathan D. Ostry and Andy Berg published their findings that "inequality was detrimental to sustained growth." By April 2014 in the World Economic Outlook Blanchard situated inequality as a "central issue" for "macroeconomic developments."
as the effects of the financial crisis slowly diminish, another trend may come to dominate the scene, namely rising inequality. Though inequality has always been perceived to be a central issue, until recently it was not seen as having major implications for macroeconomic developments. This belief is increasingly called into question. How inequality affects both the macroeconomy, and the design of macroeconomic policy, will likely be increasingly important items on our agenda for a long time to come.— Olivier Blanchard World Economic Outlook April 2014
| IMF Chief Economist
2008 – 2015
Alvin E. Roth
| President of the American Economic Association
The 2016 Bilderberg Conference took place between 9-12 June 2016 at the Taschenbergpalais grand hotel in Dresden, Germany.American Economic Association
The American Economic Association (AEA) is a learned society in the field of economics, headquartered in Nashville, Tennessee. It publishes one of the most prestigious academic journals in economics: the American Economic Review. The AEA was established in 1885 in Saratoga, New York by younger progressive economists trained in the German historical school, including Richard T. Ely, Edwin Robert Anderson Seligman and Katharine Coman, the only woman co-founder; since 1900 it has been under the control of academics.The purposes of the Association are: 1) The encouragement of economic research, especially the historical and statistical study of the actual conditions of industrial life; 2) The issue of publications on economic subjects; 3) The encouragement of perfect freedom of economic discussion. The Association as such will take no partisan attitude, nor will it commit its members to any position on practical economic questions. Its current president is Olivier Blanchard of Peterson Institute for International Economics.Once composed primarily of college and university teachers of economics, the Association now attracts an increasing number of members from business and professional groups. Today the membership is about 18,000, over half of whom are academics. About 15% are employed in business and industry, and the remainder largely by federal, state, and local government or other not-for-profit organizations.American Economic Journal
The American Economic Journal is a group of four peer-reviewed academic journals published by the American Economic Association. The names of the individual journals consist of the prefix American Economic Journal with a descriptor of the field attached. The four field journals which started in 2009 are Applied Economics, Economic Policy, Macroeconomics, and Microeconomics.Comparisons between the Great Recession and the Great Depression
Comparisons between the Great Recession and the Great Depression explores the experiences in the United States and the United Kingdom.
On April 17, 2009, head of the IMF Dominique Strauss-Kahn said that there was a chance that certain countries may not implement the proper policies to avoid feedback mechanisms that could eventually turn the recession into a depression. "The free-fall in the global economy may be starting to abate, with a recovery emerging in 2010, but this depends crucially on the right policies being adopted today." The IMF pointed out that unlike the Great Depression, this recession was synchronized by global integration of markets. Such synchronized recessions were explained to last longer than typical economic downturns and have slower recoveries.The chief economist of the IMF, Dr. Olivier Blanchard, stated that the percentage of workers laid off for long stints has been rising with each downturn for decades but the figures have surged this time. "Long-term unemployment is alarmingly high: in the US, half the unemployed have been out of work for over six months, something we have not seen since the Great Depression." The IMF also stated that a link between rising inequality within Western economies and deflating demand may exist. The last time that the wealth gap reached such skewed extremes was in 1928-1929.Divine coincidence
In economics, divine coincidence refers to the property of New Keynesian models that there is no trade-off between the stabilization of inflation and the stabilization of the welfare-relevant output gap (the gap between actual output and efficient output) for central banks. This property is attributed to a feature of the model, namely the absence of real imperfections such as real wage rigidities. Conversely, if New Keynesian models are extended to account for these real imperfections, divine coincidence disappears and central banks again face a trade-off between inflation and output gap stabilization. The definition of divine coincidence is usually attributed to the seminal article by Olivier Blanchard and Jordi Galí in 2007.Gardner Ackley
Hugh Gardner Ackley (June 30, 1915 – February 12, 1998) was an American economist and diplomat.
Ackley served as a member of the Council of Economic Advisers under President John F. Kennedy, and as the Chairman under President Lyndon B. Johnson from 1964 to 1968. He also served as Ambassador to Italy from 1968 to 1969. Ackley was a member of the University of Michigan faculty for 43 years and served as chair of its Economics department. Upon returning to the University following his ambassadorship, he was named the Henry Carter Adams Professor of Political Economy. In 1982 he served as President of the American Economic Association.Ackley was born in Indianapolis, Indiana in 1915, and was raised in Kalamazoo, Michigan where he attended public schools and graduated from Western Michigan University in 1936. He earned a Ph.D from the University of Michigan in 1940, and joined the faculty that year. He served in the U.S. Office of Price Administration and the Office of Strategic Services in Washington, D.C., from 1941 to 1946 and as assistant director of the U.S. Office of Price Stabilization from 1951 to 1952.Ackley believed that government had a definite role in fine tuning the economy, using both fiscal and monetary intervention. He warned President Johnson in 1966 that a tax increase was needed to finance the escalation of the war in Vietnam and the increased social welfare spending that Johnson was undertaking. Johnson did not ask for a tax increase, and economists, including Paul Samuelson, believed this was the cause of the inflation of the 1970s.Ackley was the author of the popular graduate-level textbook Macroeconomic Theory, which was translated into several languages and remained the standard advanced text during the 1960s and early 1970s. He was awarded a fellowship from the American Academy of Arts and Sciences in 1968 and another fellowship from the Ford Foundation.Gilles Saint-Paul
Gilles Saint-Paul (born 8 February 1963) is a French economist at the Toulouse 1 University Social Sciences. He also is a scientific advisor to the Economic Studies Directorate at the French Ministry of the Environment. His main interests include the political economy of unemployment and how information technology affects wage inequality.Henry B. Gardner
Henry Brayton Gardner (March 26, 1863 – April 22, 1939) was an American economist. He was a faculty member at Brown University from 1890 until 1928, serving as the first Eastman Professor of Political Economy from 1919 to 1928. In 1919, he served as President of the American Economic Association.
A native of Providence, Rhode Island, Gardner graduated from Brown in 1884 and received his PhD in economics from Johns Hopkins University in 1890.Inflationism
Inflationism is a heterodox economic, fiscal, or monetary policy, that predicts that a substantial level of inflation is harmless, desirable or even advantageous. Similarly, inflationist economists advocate for an inflationist policy.
Mainstream economics holds that inflation is a necessary evil, and advocates a low, stable level of inflation, and thus is largely opposed to inflationist policies – some inflation is necessary, but inflation beyond a low level is not desirable. However, deflation is often seen as a worse danger, particularly within Keynesian economics and in the theory of debt deflation, and thus the policies advocated by Keynesian economists such as Paul Krugman to prevent deflation in cases of economic crisis are labeled as inflationist policies by others.Jean-Paul Fitoussi
Jean-Paul Fitoussi (born 19 August 1942) is a French economist of Sephardi Jewish descent. Born in La Goulette, Tunisia, Fitoussi earned his Ph.D. cum laude in Law and Economics from the University of Strasbourg. From 1979 until 1983, he was a professor at the European University Institute in Florence, and a visiting professor at the University of California, Los Angeles, in 1984. He currently is a Professor of Economics at the Institut d'études politiques de Paris, where he has taught since 1982. He is also Professor Emeritus at LUISS Guido Carli University, Rome. From 1989 to 2010 he served as President of the Observatoire Français des Conjonctures Econoniques, an institute dedicated to economic research and forecasting. He has published numerous articles, books and essays. He is considered to be one of the intellectual leaders of neo-keynesianism these past 40 years, but claims to have a "very heterodox" vision.In 2012, Macroeconomic Theory And Economic Policy: Essays in Honour of Jean-Paul Fitoussi was published. Edited by Vela Velupillai, it contained contributions from Nobel Prize winning economists Kenneth Arrow, Jean Tirole & Robert Solow as well as Olivier Blanchard & Edmond Malinvaud.
In 2014, Fruitful Economics, Papers in honor of and by Jean-Paul Fitoussi was published. The book is divided in 5 chapters, written respectively by Kenneth Arrow, Joseph Stiglitz , Edmund Phelps, Robert Solow, and Amartya Sen, all of whom worked with Jean Paul Fitoussi at different points in their lives.
He was an expert at the European Parliament, Commission of Monetary and Economic Affairs from 2000 to 2009. He is also a member of the Centre for Capitalism and Society at Columbia University, and a member of the Economic Commission of the Nation since 1997. From 2008 to 2009, he was a member of the UN Commission on the Reform of the International Monetary and Financial System and Coordinator of the Commission on the Measurement of Economic Performance and Social Progress.
In 2013, Sciences Po, a leading French University, set up a day in celebration of Dr Fitoussi's career, uniting Jean‐Paul Fitoussi with economists Joseph Stiglitz, Edmund Phelps, Kenneth Arrow, Robert Solow and Amartya Sen, to debate on the major "fitoussian" issues: European integration, inequality, well‐being and environmental sustainability, and the European democratic deficit. The event was concluded by speeches from then French Minister of Foreign Affairs Laurent Fabius and by French President Francois Hollande.Fitoussi has received the Association Français de Sciences Économiques (French Association for Economic Sciences) Award, and the Rossi Award from the Académie des Sciences Morales et Politiques (Academy of Moral and Political Sciences). He has been awarded various honours including the Honorary Deanship of the Faculty of Economics in Strasbourg, Honoris Causa degree at the Buenos Aires University, and in his own country the decorations of Chevalier de l'Ordre National du Mérite (Knight of the National Order of Merit) and Chevalier de la Legion d'Honneur (Knight of the Legion of Honour). He is also Officer of the "Order of Prince Henry" in Portugal.In 2017, he declared his support for Presidential candidate Emmanuel Macron.Jordi Galí
Jordi Galí (born January 4, 1961) is a Spanish macroeconomist who is regarded as one of the main figures in New Keynesian macroeconomics today. He is currently the director of the Centre de Recerca en Economia Internacional (CREI, the Center for Research in International Economics) at Universitat Pompeu Fabra and a Research Professor at the Barcelona Graduate School of Economics. After obtaining his doctorate from MIT in 1989 under the supervision of Olivier Blanchard, he held faculty positions at Columbia University and New York University before moving to Barcelona.Matthew B. Hammond
Matthew Brown Hammond (1868 – 1933) was an American economist. He was a professor of economics and sociology at Ohio State University since 1904.Hammond earned a bachelor's degree from the University of Michigan in 1891, and PhD in economics from Columbia University in 1898.Maurice Obstfeld
Maurice Moses "Maury" Obstfeld (born 1952) is a professor of economics at the University of California, Berkeley and previously Chief Economist at the International Monetary Fund.
He is well known for his work in international economics. He is among the most influential economists in the world according to IDEAS/RePEc. He graduated from University of Pennsylvania summa cum laude, Cambridge and MIT, where received his Ph.D. in 1979. Director of the Center for International and Development Economic Research (CIDER). He joined Berkeley in 1989 as a professor, following appointments at Columbia (1979–1986) and the University of Pennsylvania (1986–1989). He was also a visiting professor at Harvard between 1989 and 1991. Obstfeld serves as honorary advisor to the Bank of Japan's Institute of Monetary and Economic Studies. Among Obstfeld's honors are the Carroll Round Keynote Lecture, Woodward Lecture, and Bernhard Harms Prize and Lecture in 2004. Obstfeld is a Fellow of the Econometric Society and the American Academy of Arts and Sciences. He is active as a research Fellow of CEPR, a research associate at NBER, and an International Research Fellow at the Kiel Institute for the World Economy.As of February 1st, 2019, Obstfeld is also a nonresident senior fellow at the Peterson Institute for International Economics (PIIE).On June 3, 2014, the White House announced that Obstfeld would join the Council of Economic Advisers as lead macroeconomist.On July 20, 2015, Christine Lagarde, Managing Director of the International Monetary Fund (IMF), announced her intention to appoint Obstfeld as Economic Counsellor and Director of the IMF’s Research Department. Obstfeld succeeds Olivier Blanchard whose retirement was announced previously. He began his work at the Fund on September 8, 2015.Nobuhiro Kiyotaki
Nobuhiro Kiyotaki FBA (清滝 信宏, Kiyotaki Nobuhiro) (born June 24, 1955) is a Japanese economist and professor at Princeton University especially known for proposing several models that provide deeper microeconomic foundations for macroeconomics, some of which play a prominent role in New Keynesian macroeconomics.Olivier (given name)
Olivier is a given name which may refer to:
Olivier, Baron de Brandois (1870–1916), French Olympic sailor
Olivier, Count of Penthièvre (died 1433), French noble
Olivier Assayas (born 1955), French film director, screenwriter and film critic
Olivier Besancenot (born 1974), French politician and trade unionist
Olivier Blanchard (born 1948), chief economist at the International Monetary Fund
Olivier Brunel (c. 1552–1585), Flemish explorer
Olivier Chastel (born 1964), Belgian government minister
Olivier de Clisson (1336-1407), Breton soldier
Olivier Coipel, French comic book artist
Olivier Cresp (born 1955), French perfumer
Olivier Dacourt (born 1974), French former footballer
Olivier Dahan (born 1967), French director and screenwriter
Olivier le Daim (c. 1428–1484), born Olivier de Neckere, Flemish valet to King Louis XI of France
Olivier Dassault (born 1951), French politician
Olivier De Schutter (born 1968), Belgian legal scholar
Olivier Debarre (born 1959), French mathematician
Olivier Delaître (born 1967), French tennis player
Olivier Deschacht (born 1981), Belgian footballer
Olivier van Deuren (1666–1714), Dutch painter
Olivier Doleuze (born 1972), French jockey
Olivier Dubois (born 1972), French choreographer
Olivier Ducastel (born 1962), French film director
Olivier Elzer (born 1979), French chef
Olivier Gendebien (1924-1998), Belgian racing driver
Olivier Giroud (born 1986), French footballer
Olivier Gourmet (born 1963), Belgian actor
Olivier Grouillard (born 1958), French racing driver
Olivier Hanlan (born 1993), Canadian basketball player
Olivier Jacque (born 1973), French motorcycle racer
Olivier Jean (born 1984), Canadian speed skater
Olivier Kapo (born 1980), Côte d'Ivoire-born French footballer
Olivier Le Jeune (died 1654), first recorded slave purchased in New France
Olivier de la Marche (1425–1502), Burgundian courtier, soldier, chronicler and poet
Olivier Levasseur (c. 1680–1730), French pirate
Olivier Martinez (born 1966), French actor
Olivier Megaton (born 1965), French film director, writer and editor born Olivier Fontana
Olivier Messiaen (1908–1992), French composer, organist and ornithologist
Olivier van Noort (1558–1627), Dutch merchant captain who circumnavigated the world in 1600-01
Olivier Occéan (born 1981), Canadian soccer player
Olivier Panis (born 1966), French Formula One driver
Olivier Patience (born 1980), French tennis player
Olivier Perrault (1773–1827), seigneur, lawyer, judge and political figure in Lower Canada
Olivier Philippaerts (born 1993), Belgian show jumping rider
Olivier Pla (born 1981), French racing driver
Olivier Rochus (born 1981), Belgian tennis player
Olivier Rolin (born 1947), French writer
Olivier Roy (professor) (born 1949), French political scientist
Olivier Sarkozy (born 1969), French banker, half-brother of Nicholas Sarkozy
Olivier Schoenfelder (born 1977), French ice dancer
Olivier Siegelaar (born 1986), Dutch rower
Olivier Strebelle (born 1927), Belgian sculptor
Olivier Theyskens (born 1977), Belgian fashion designer
Olivier Tielemans (born 1984), Dutch race car driver
Olivier Vernon (born 1990), American football player
Olivier Weber (born 1958), French writer, novelist and reporterFictional characters:
Oliver (paladin) or Olivier, in the French epic The Song of Roland
Olivier (comics), a demonic villain and enemy of the Punisher in Marvel Comics
Olivier Armstrong, in the Japanese manga series Fullmetal Alchemist
Oliver B. Bumble, Olivier B. Bommel in Dutch, protagonist in the Dutch comic book series Tom PussPavlina R. Tcherneva
Pavlina R. Tcherneva is an American economist, of Bulgarian descent, working as associate professor and director of the Economics program at Bard College. She is also a research associate at the Levy Economics Institute and expert at the Institute for New Economic Thinking.Simon Johnson (economist)
Simon H. Johnson (born January 16, 1963) is a British American economist. He is the Ronald A. Kurtz Professor of Entrepreneurship at the MIT Sloan School of Management and a senior fellow at the Peterson Institute for International Economics. He has held a wide variety of academic and policy-related positions, including Professor of Economics at Duke University's Fuqua School of Business. From March 2007 through the end of August 2008, he was Chief Economist of the International Monetary Fund.He is author, with James Kwak, of the 2010 book 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown (ISBN 978-0307379054), with whom he has also co-founded and regularly contributes to the economics blog The Baseline Scenario.Stanley Fischer
Stanley Fischer (Hebrew: סטנלי פישר; born October 15, 1943) is an Israeli American economist and former vice chairman of the Federal Reserve. Born in Northern Rhodesia (now Zambia), he holds dual citizenship in Israel and the United States. He served as governor of the Bank of Israel from 2005 to 2013. He previously served as chief economist at the World Bank. On January 10, 2014, United States President Barack Obama nominated Fischer to be Vice-Chairman of the US Federal Reserve Board of Governors. On September 6, 2017, Stanley Fischer announced that he was resigning as Vice-Chairman for personal reasons effective October 13, 2017.William Vickrey
William Spencer Vickrey (21 June 1914 – 11 October 1996) was a Canadian-born professor of economics and Nobel Laureate. Vickrey was awarded the 1996 Nobel Memorial Prize in Economic Sciences with James Mirrlees for their research into the economic theory of incentives under asymmetric information, becoming the only Nobel laureate born in British Columbia.
The announcement of his Nobel prize was made just three days prior to his death. Vickrey died while traveling to a conference of Georgist academics that he helped found and never missed once in 20 years. His Columbia University economics department colleague C. Lowell Harriss accepted the posthumous prize on his behalf. There are only three other cases where a Nobel Prize has been presented posthumously.
John von Neumann Award recipients
1 Received honorary prize.