Presidential Address: Macrofinance and Resilience

Markus K. Brunnermeier

Journal of Finance, 2024, vol. 79, issue 6, 3683-3728

Abstract: This address reviews macrofinance from the perspective of resilience. It argues for a shift in mindset, away from risk management toward resilience management. It proposes a new resilience measure, and contrasts micro‐ and macro‐resilience. It also classifies macrofinance models in first‐ (log‐linearized) and second‐generation models, and links the important themes of macrofinance to resilience.

Date: 2024
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https://doi.org/10.1111/jofi.13403

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Persistent link: https://EconPapers.repec.org/RePEc:bla:jfinan:v:79:y:2024:i:6:p:3683-3728

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