On the future of macroeconomics: a New Monetarist perspective

Wright, Randall,(2018), On the future of macroeconomics: a New Monetarist perspective. , Oxford Review of Economic Policy, UNSPECIFIED

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This article argues that a pressing goal for macroeconomics is to incorporate financial considerations, but we need models with solid microfoundations. In particular, the use of assets in facilitating exchange, as well as different credit (or other financial) arrangements, should be outcomes of, not inputs to, theories. As a preview, I suggest that mainstream macro does a good job explaining many phenomena, and a financial crisis does not disprove such theory. But understanding crises requires better incorporating factors related to money, credit, banking, and liquidity. The approach called New Monetarist economics can help a lot in this regard.
Keywords : microfoundations, money, credit, banking, liquidity, UNSPECIFIED
Journal or Publication Title: Oxford Review of Economic Policy
Volume: 34
Number: 1-2
Item Type: Article
Subjects: Ekonomi Pembangunan
Depositing User: Elok Inajati
Date Deposited: 26 Dec 2019 08:11
Last Modified: 26 Dec 2019 08:11
URI: https://repofeb.undip.ac.id/id/eprint/925

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