Olivier Blanchard

External authors

Olivier Blanchard

Robert Solow Professor of economics emeritus, MIT

Expertise: Financial Crises, Monetary Policy, Transition Economies, Labor, Unemployment

Olivier Blanchard is the Robert M. Solow Professor of Economics emeritus at MIT. He joined the Peterson Institute for International Economics as the first C. Fred Bergsten Senior Fellow since 2015. A citizen of France, Blanchard has spent most of his professional life in Cambridge, MA. After obtaining his PhD in economics from the Massachusetts Institute of Technology (MIT) in 1977, he taught at Harvard University, and returned to MIT in 1982. He was chair of the economics department from 1998 to 2003. In 2008, he took a leave of absence to be the economic counselor and director of the Research Department at the International Monetary Fund.

Fiscal support and monetary vigilance: economic policy implications of the Russia-Ukraine war for the European Union

Policymakers must think coherently about the joint implications of their actions, from sanctions on Russia to subsidies and transfers to their own citizens, and avoid taking measures that contradict each other. This is what we try to do in this Policy Contribution, focusing on the macroeconomic aspects of relevance for Europe.

By: Olivier Blanchard and Jean Pisani-Ferry Topic: European governance, Macroeconomic policy Date: April 29, 2022

Persistent COVID-19: Exploring potential economic implications

We see three main economic implications of a scenario of recurrent outbreaks: lasting border restrictions, repeated lockdowns and enduring effects on the composition of both supply and demand. We explore each of these implications in turn.

By: Olivier Blanchard and Jean Pisani-Ferry Topic: Global economy and trade Date: March 12, 2021

A new policy toolkit is needed as countries exit COVID-19 lockdowns

Most governments have taken measures to protect vulnerable workers and firms from the worst effects of the sudden drop in activity related to COVID-19. But as lockdowns are lifted, the focus must shift, and governments in advanced economies must design measures that will limit the pain of adjustment.

By: Olivier Blanchard, Thomas Philippon, Jean Pisani-Ferry and alihan Topic: Global economy and trade Date: June 22, 2020

Monetisation: do not panic

The extraordinary operations that are under way in most countries in response to the COVID-19 shock have raised fears that large-scale monetisation will result in a major inflation episode. This column argues that so far, there is no evidence that central banks have given up, or are preparing to give up, on their price stability mandate. While there are obviously some reasons to worry, central banks are doing the right thing and the authors see no reason to panic.

By: Olivier Blanchard, Jean Pisani-Ferry and alihan Topic: Banking and capital markets Date: April 14, 2020

How worried should we be about an Italian debt crisis?

Political backlash to slow growth and immigration has produced the least cooperative government imaginable in Italy, a coalition between the left-populist Five Star Movement (M5S) and the right-populist Lega. And borrowing costs have started to rise in reaction. Does this mean that a crisis is imminent? If so, how bad would it be?

By: Silvia Merler, Olivier Blanchard, Jeromin Zettelmeyer and Bruegel Topic: Banking and capital markets Date: May 28, 2018