Life, however, takes unexpected turns. On Oct. 1, the same intellectually restless and charismatic Blanchard stepped down as the IMF’s top economist after seven tumultuous years that included the worst financial crisis in a generation, a global recession, a three-act Greek tragedy and the near-collapse of the euro. Over his two terms, Blanchard helped wean the Fund off its obsessions with low inflation, fiscal austerity and unregulated flows of capital, resurrecting the economics of John Maynard Keynes at an institution that the great British economist had helped to create but where more recently he had fallen out of favor.
As one colleague put it, Blanchard “changed the way the Fund looked at the world and the way the world looked at the Fund.” In the process, he helped the IMF pull the global economy back from the brink of another Great Depression.
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