Olivier Blanchard

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There were some long (too long) tweets earlier which stated it carefully. The basic point is that the decrease in interest payments is offset by a decrease in… 29 Aug
typo in last line: read, not write. apologies 29 Aug
I did my best to explain why, at best, cancellation of the debt held by the ECB has no effect, and why, in fact, it is likely to make things worse. I give the… 29 Aug
Philippe says it with more passion than I, but he is clear and he has it right. 27 Aug
merci. Important que ca vienne aussi de toi. 27 Aug
Useful points in the comments. Some right,some wrong. (but the basic point that operations between the central bank and the Treasury which do not affect the cl… 25 Aug
I typically avoid long interactionson X. But this issue of debt cancellation is important, conceptually and politically. So here it goes. On something else bef… 25 Aug
Sur l'annulation de la dette francaise detenue par la BCE. C'est un vieil argument qui ressort regulierement et qui est simplement faux, malgre ce que dit @MPi… 23 Aug
Do you realize that much of the increase (the increase in the spread over German bunds) is due to (1) the budget paralysis in Parliament that the RN largely co… 20 Aug
I had promised myself not to react to Trump declarations. Promise not fulfilled. This is so absurd that I have not found the strength to resist. 20 Aug
A clarification in response to some comments. The label on the horizontal axis (level of debt) is short for "Fiscal fundamentals". I have discussed at length e… 19 Aug
Useful to summarize the discussion about debt and spreads in a graph (based on work with @pmbruera and @Gonhuertas. Working paper out soon). The blue line show… 18 Aug
Totally irrelevant anecdote. When I gave my first post -PhD seminar in Stanford, I discovered that Milton Friedman was in the front row, three feet from me. An… 16 Aug
nicely done 15 Aug
Many comments on the tweet about the risk of a public debt crisis in France point to the role of the central bank, the ECB in this case, in avoiding multiple e… 15 Aug
Doubling down on Milton Friedman (not defending the whole Encyclopedia piece). The comments to my tweet (along the lines of "there is so much more to Friedman… 15 Aug
Hanno: Yes, fundamentals matter. At one end, if the debt level is very low and deficits small, then even if investors are pessimistic, a potential increase in… 14 Aug
With r-g near zero, any advanced economy running a primary deficit will see its debt-to-GDP ratio rise once existing debt is refinanced at current rates. 6 Nov 2023
The sharp steepening of the long end of the yield curve in 2023 was not predicted by economists, including forecasters who had modelled persistently low safe rates. 6 Nov 2023