The Mayekawa Lecture: Some Alternative Perspectives on Macroeconomic Theory and Some Policy Implications

The macroeconomic theories and models favored by academics, as well as those used more commonly by policymakers, effectively rule out by assumption economic and financial crises of the sort we are living through. (In particular, the longer-run dangers posed by the rapid expansion of credit and resulting private-sector balance-sheet developments are al- most wholly ignored.)

Publication:  MONETARY AND ECONOMIC STUDIES Date:  1 November 2010