I stumbled on this post this morning, via The Economist magazine’s Free Exchange blog:
The Emperor has no Clothes: MA on the state of "modern" macro
Much has been made of the failure of modern macroeconomics to predict or understand the Great Recession of 2007–2009. In this MACRO FOCUS, our resident time-series econometrician, James Morley, explains what is currently meant by “modern” macroeconomics, what is behind its failure, and what can be done to rehabilitate its reputation.
This should be required reading for undergraduate and graduate economics students interested in applied work. It’s highly wonkish for everybody else (lots of jargon and math), but if you’re interested in the mechanics of macro-modelling, it’s well worth a read.
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