Olivier Blanchard
The motto for fiscal policy these days is: “Whatever it takes,” and it is indeed the right motto. But what does it mean? What about the specifics? And can we really afford it? Or will we wake up in a few months with a hangover, asking ourselves, “What on earth did we do?” The purpose of this blog is to take a pass at these issues and come to a tentative conclusion: For advanced economies, “whatever it takes” may be less than you think. And, yes, we can almost surely afford it.
