The Financial Crisis: What have macroeconomists learnt?
Jagjit Chadha ()
Studies in Economics from School of Economics, University of Kent
I outline a simple roadmap for work in micro-founded models. Rather than abandoning the route to further micro-foundations and returning to ad hoc economics, the techniques we have used over the past two decades to develop micro-founded business cycle models will allow us to develop models with meaningful financial frictions and thus address once again the question of monetary and fiscal policies with active rather than passive financial sectors. Macroeconomics and finance are likely to remain bound together.
Keywords: Future of Macroeconomics; DSGE Models; Crisis (search for similar items in EconPapers)
JEL-codes: E42 E52 E58 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-dge and nep-mac
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