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

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.

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Year of publication:	2009-02-03
Authors:	Buiter, Willem

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Type of publication:	Book / Working Paper
Language:	English
Notes:	Buiter, Willem (2009): The unfortunate uselessness of most ’state of the art’ academic monetary economics. Published in: VoxEY (6 March 2009)
Classification:	A10 - General Economics. General ; B00 - Schools of Economic Thought and Methodology. General ; B5 - Current Heterodox Approaches ; E00 - Macroeconomics and Monetary Economics. General ; E17 - Forecasting and Simulation ; E31 - Price Level; Inflation; Deflation ; E32 - Business Fluctuations; Cycles ; E6 - Macroeconomic Policy Formation, Macroeconomic Aspects of Public Finance, Macroeconomic Policy, and General Outlook
Source:	BASE

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