RICHMOND, VA — (Marketwire) — 03/08/12 — The great recession of 2007–2009 has generated significant external criticism of the way economists study and try to understand aggregate economic outcomes. Modern macroeconomic theory, in particular, has been criticized for its representation of the economy through highly stylized environments that abstract from distributional issues, ignore or minimize linkages between the financial and nonfinancial sectors of the economy, and, in general, rely too much on highly aggregative frameworks. This special issue of Economic Quarterly collects four articles that describe how modern macroeconomic research has dealt with some of these issues as part of a research program that has been ongoing for more than a decade.
You can find the full text of this article and others in the latest issue of Economic Quarterly at:
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In this issue of Economic Quarterly:
by Andreas Hornstein
by Nobuhiro Kiyotaki
by Vincenzo Quadrini
by Fatih Guvenen
by Diego Restuccia
The Economic Quarterly is a free publication containing economic analysis pertinent to Federal Reserve monetary and banking policy. For free copies or more information, contact the Federal Reserve Bank of Richmond-s Research Department — Publications at 800.322.0565.
Contacts:
John Weinberg
Director of Research
Federal Reserve Bank of Richmond
804.697.8205
Amanda Kramer
Managing Editor
Federal Reserve Bank of Richmond Economic Quarterly
804.697.8606