Macroeconomic Theory

    Governments turn to macroeconomic theory to help shape policies to manage instability. Current theories do not adequately support our policy needs. Credit markets, income, and employment are all inherently unstable. We need better theory to help us design better institutions and better policies.

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    What Kind of Theory to Guide Reform and Restructuring of the Financial and Non-Financial Sectors?

    The purpose of the paper is to argue for attention to be paid, not only to choice of theory, but also to choice of theoretical approach, in order to address issues posed by the crisis. Read more