Macroeconomics after the Crisis: Time to Deal with the Pretense-of-Knowledge Syndrome

The recent financial crisis has damaged the reputation of macroeconomics, largely for its inability to predict the impending financial and economic crisis. To be honest, this inability to predict does not concern me much. It is almost tautological that severe crises are essentially unpredictable, fo...

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Bibliographic Details
Published in:	The Journal of economic perspectives 2010-10, Vol.24 (4), p.85-102
Main Author:	Caballero, Ricardo J.
Format:	Article
Language:	English
Subjects:	Applied general equilibrium models Business cycles Collateral Dynamisches Gleichgewicht Economic crises Economic crisis Economic fluctuations Economic forecasts Economic models Economic theory Economic uncertainty Economics Equilibrium Financial leverage Forecasts Frühindikator Impending Liquidity Macroeconomic modeling Macroeconomics Makroökonomik Modeling Panic Stochastic models Stochastischer Prozess Studies Symposium: Macroeconomics after the Financial Crisis Wirtschaftsmodell
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