Issues of modern macroeconomics: new post-crisis perspectives on the world economy

摘要

Modern macroeconomics has failed in the analysis of both the US banking and the euro crises, respectively, and there is also a rather inadequate view on a range of relevant policy issues. The approach presented herein looks at the reasons for analytical failure and suggests means of improvement - picking up proposals from the literature as well as contributing new ones. The economics profession did not anticipate the banking crisis and there is reluctance to switch to a new paradigm for stabilization policy analysis. Beyond this, there are several analytical challenges which should be integrated into a post-crisis approach: for example, the question of the true degree of economic openness and the role of multinational companies. Moreover, the macroeco-nomic impact of the digital economic expansion is largely underestimated. The traditional view on asset bubbles has become doubtful. A new paradigm should emphasize the triple analytical challenge of short-term financial market analysis, the routine new questioning of the systemic stability of economic systems and standard macroeconomic modeling - with some refinements; a "Schumpeterian Mundell-Fleming-Solow-Akerlof-model" and sustainability aspects are important on the one hand, on the other hand NKM models have to integrate a broader array of market imperfections. The perspectives presented could jump-start a new paradigm that combines a more realistic macro perspective with a complementary critical institutional analysis.