I M F S T A F F P O S I T I O N N O T E February 12, 2010 SPN/10/03 Rethinking Macroeconomic Policy Olivier Blanchard, Giovanni Dell’Ariccia, and Paolo Mauro I N T E R N A T I O N A L M O N E T A R Y F U N D INTERNATIONAL MONETARY FUND Research Department Rethinking Macroeconomic Policy1 Prepared by Olivier Blanchard, Giovanni Dell’Ariccia, and Paolo Mauro Authorized for Distribution by Olivier Bl