13 Macroeconomics – The Return of Ideologies
Before the global financial crisis, macroeconomists largely settled into the New Keynesian Consensus , a fusion of demand-side and supply-side thinking that brought a measure of peace to a field priviously in conflict. In the wake of the crisis, the consensus has weakened: Old Keynesianism is stronger than before, the status of monetary policy has fallen, and some economists loudly claim that the global slump is mostly driven by bad supply-side shocks. We will investigate these splintered schools, combining a nontechnical summary of these theories with a look at where these theories do and do not fit the facts of the global slump.
Recommended literature:
Paul Krugman, End this Depression Now!
Tyler Cowen, The Great Stagnation
Casey Mulligan, The Redistribution Recession
Greg Mankiw, The Macroeconomist as Scientist and Engineer
| |||||
|
Ph.D. Garett JONES
BB&T Professor for the Study of Capitalism, Mercatus Center; Associate Professor of Economics, George Mason University, Fairfax
| 2002-2003 | Economic Policy Adviser, U.S. Senator Orrin Hatch, Washington, D.C |
| 2007-2010 | Assistant Professor of Economics, George Mason University, Fairfax |
| 2009 | BB&T Professor for the Study of Capitalism, Mercatus Center, Fairfax |
| 2010 | Associate Professor of Economics, George Mason University, Fairfax |
Mag. Dr. Stephan SCHULMEISTER
Independent Economic Researcher, Vienna; Lecturer, University of Vienna
| 1972-2012 | Research Fellow, Austrian Institute of Economic Research, Vienna |
| 1974-1975 | Post-graduate studies, Bologna Center, Johns Hopkins University, Bologna |
| 1982 | Visiting Scholar, New York University, New York |
| 1986-1987 | Visiting Scholar, Wissenschaftszentrum Berlin |
| 1988-2005 | Visiting Scholar, University of New Hampshire |
| since 2006 | Lecturer of Economics, University of Vienna and WU - Vienna University of Economics and Business, Vienna |
| 2010 | Visiting Scholar, International Monetary Fund, Washington |
