Professor Eric Beinhocker, Executive Director of INET Oxford, recently talked to Professor David Vines, Director of INET Oxford’s Ethics and Economics programme, about his latest work on the Rebuilding Macroeconomic Theory project.
They discussed the impact of the global financial crisis on macroeconomics and the significance of the move towards a multiple equilibrium approach that David argues for in his latest work. They then draw out the important policy implications of this move towards multiple equilibrium, discussing both the COVID-19 crisis and US President Biden’s economic response.
Articles and resources mentioned in the interview:
- The first issue of the Rebuilding Macroeconomic Theory project in the Oxford Review of Economic Policy (Volume 34, Issue 1-2, Spring-Summer 2018).
- The second issue of the Rebuilding Macroeconomic Theory project in the Oxford Review of Economic Policy (Volume 36, Issue 3, Autumn 2020).
- Olivier Blanchard, Distortions in Macroeconomics, Submission to the NBER Macroeconomics Annual, June 2017.
- Paul Romer, The Trouble with Macroeconomics, Commons Memorial Lecture of the Omicron DeltaEpsilon Society.
- Paul Krugman, Crises: The Next Generation, in Helpman and Sadka (eds), Economic Policy in the International Economy: Essays in Honor of Assaf Razin, 2003.
- Olivier Blanchard, Public Debt and Low Interest Rates, American Economic Review vol. 109, no. 4, April 2019
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