Are Macroeconomic Models Still Credible?

The transcript discusses the criticism of macroeconomics, particularly its lack of relevance and predictive power in the real world. It highlights the challenges in measuring new economic forces like technology and the need for a rethink in macroeconomic parameters. The role of financial markets and institutions like the Fed is examined, questioning the assumptions and models used in economic policies.

What are the criticisms mentioned regarding macroeconomics in the context of the financial crisis?

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How has the financial crisis influenced the questions being asked in macroeconomics?

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What new parameters are suggested for rethinking macroeconomics?

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In what ways might the tools of macroeconomics need to be adapted according to the text?

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What role do financial markets play in the credibility of economic institutions as discussed in the text?

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