Back in August 2008 Olivier Blanchard, the recently retired[1] Chief Economist at the International Monetary Fund, published a much acclaimed paper, The State of Macro. It was a review of the state of macroeconomics[2]  (“Macro”).  At the bottom of page 2 the last sentence, apart from footnotes, reads:

The state of macro is good

Continue reading “The Great Recession – The View from 2008”