Macroeconomists have emphasized the force of facts in forging a consensus understanding of business cycle fluctuations. According to this view, rival economists could no longer hold disparate views on the topic because “facts have a way of not going away” (Blanchard 2009). But how can...

Macroeconomics, or the science of fluctuations in aggregate activity, has always been portrayed as a field composed of competing schools of thought and in a somewhat recurrent state of disarray. Nowadays, macroeconomists are proud to announce that a new synthesis characterizes their field: no...

Macroeconomics, or the science of fluctuations in aggregate activity, has always been portrayed as a field composed of competing schools of thought and in a somewhat recurrent state of disarray. Nowadays, macroeconomists are proud to announce that a new synthesis characterizes their field: no...