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The different classes of models have a lot to learn from each other, but the goal of full integration has proven counterproductive. No model can be all things to all people.

— Olivier Blanchard

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More quotes by Olivier Blanchard

Crises feed uncertainty. And uncertainty affects behaviour, which feeds the crisis.

Policy models, aimed at analyzing actual macroeconomic policy issues. Models in this class should fit the main characteristics of the data, including dynamics, and allow for policy analysis and counterfactuals.

I refuse to start from the assumption that the role of monetary policy is to control and stabilize inflation. The only acceptable way to start is, I believe, to think of the goal of monetary policy, together with fiscal policy,as the maximization of welfare.

Monetary Policy; Science or Art? (2006)

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Quote text and notes from Wikiquote: Olivier Blanchard (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.