Munich Personal RePEc Archive

The unfortunate uselessness of most ’state of the art’ academic monetary economics

Buiter, Willem (2009): The unfortunate uselessness of most ’state of the art’ academic monetary economics. Published in: VoxEY (6. March 2009)

[img]
Preview
PDF
MPRA_paper_58407.pdf

Download (151kB) | Preview

Abstract

Standard macroeconomic theory did not help foresee the crisis, nor has it helped understand it or craft solutions. This columns argues that both the New Classical and New Keynesian complete markets macroeconomic theories not only did not allow the key questions about insolvency and illiquidity to be answered. They did not allow such questions to be asked. A new paradigm is needed.

UB_LMU-Logo
MPRA is a RePEc service hosted by
the Munich University Library in Germany.