The Future of Macroeconomics
02 Jul 2018
Professor John Muellbauer gave an address at the European Central Bank (ECB) at a colloquium on the Future of Central Banking held in honour of Vitor Constancio. The president of the ECB, Mario Draghi, and the Governor of the Bank of England, Mark Carney, were both in attendance. Prof. Muellbauer’s talk provided a strong critique of the macroeconomic models commonly used by central banks, responded to recent counter-attacks on that critique, and outlined a research programme for making progress in developing empirically grounded, policy relevant macroeconomic models.
A working paper based on Professor Muellbauer’s speech can be found here.