Why we need a new macroeconomic paradigm | vox - Research-based policy analysis and commentary from leading economists: "Do the US and Europe risk repeating Japan’s lost decade? This column warns that if the US or European financial clean-ups falter, they will be vulnerable to recurring financial crises. It argues that macroeconomic models should not treat finance as an innocuous veil and calls for a new approach that places financial intermediaries at the centre of its models."
Part of the problem of macroeconomics is that macroeconomists mostly ignore finance and a big problem with finance economics is that they ignore macroeconomics. More cross-specialty work please.
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