Eight lessons for teaching macroeconomic policy after COVID-19: a heterodox perspective

Louis-Philippe Rochon and Sergio Rossi
Additional contact information
Sergio Rossi: N/A

Advances in Economics Education, 2022, vol. 1, issue 1, 30-47

Abstract: In this paper, we advance eight lessons that COVID-19, and before that, the Global Financial Crisis, imply for the teaching of macroeconomics to undergraduates. These lessons all pertain to fiscal and monetary policy, which we argue are central to macroeconomics and which should take a greater focus in our teaching. They touch upon key theoretical perspectives which underpin the policies considered, and they challenge the way that mainstream economics has approached these policy questions. They are, therefore, useful ideas around which to generate debate in undergraduate teaching about orthodox perspectives. Debate, we argue, is always intellectually healthy and makes teaching more instructive and enjoyable for students. This paper summarizes the main themes of traditional mainstream thinking about fiscal and monetary policies, restates some problems with this thinking identified by heterodox economics, reflects on some key features of the policy responses to COVID-19 and the Global Financial Crisis, and translates those reflections into eight lessons that could be used to shape the teaching of macroeconomic policy.

Keywords: COVID-19; fiscal policy; monetary policy; heterodox economics (search for similar items in EconPapers)
JEL-codes: A22 E12 E58 E61 E62 (search for similar items in EconPapers)
Date: 2022
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.elgaronline.com/view/journals/aee/1/1/article-p30.xml (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:elg:aeejrn:v:1:y:2022:i:1:p30-47

Access Statistics for this article

Advances in Economics Education is currently edited by Peter Docherty

More articles in Advances in Economics Education from Edward Elgar Publishing
Bibliographic data for series maintained by Phillip Thompson ().