‘Dark corners’ authors on setting policy under intense uncertainty – Central Banking
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Douglas Laxton and Shalva Mkhatrishvili say policy-making should work to avoid the worst outcomes
How did the research into avoiding ‘dark corners’ – very bad outcomes for an economy – come about in the first place?
Douglas Laxton: When I was in charge of the economic modelling division at the International Monetary Fund, we were supporting both multilateral and bilateral surveillance and risk analysis. Following the co-ordinated G20 fiscal expansion in response to the global financial crisis, [then chief economist] Olivier Blanchard and many of us at the IMF became increasingly concerned
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