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The Role of Macroeconomic Policy Analysis in the Great Inflation, Great Moderation and Great Recession

Macroeconomists now see the period since around 1960 as a succession of Greats: the Great Inflation, Great Moderation, and Great Recession. Following the Nobel prize winning analysis of Robert Lucas, many mainstream economists agree that contemporary economic policy analysis contributed mightily to the first of these. As of 2007, at least, mainstream economists were roundly congratulating themselves on the role contemporary analysis played in the second. While the dust has not yet settled on the third Great, opinions at present seem to vary on the role of macroeconomics in the financial crisis and its aftermath.

Professor Jon Faust will question all of these views, and argue that viewing the period since 1960 as three extended “black swan” periods obscures a fundamental flaw in how macroeconomists approached policy analysis throughout the period. He will also make some suggestions for doing better.

Date: Thursday, 12 October 2017
Time: 14.15 – 16.00
Place: Room E 44, Handelshögskolan, Vasagatan 1

>> Welcome to register here

Free admission. The Lecture will be held in english.

About Jon Faust

Jon Faust is widely published in scholarly journals on a broad range of topics at the intersection of finance, macroeconomics, and econometrics. His recent work focus on the role of models in macro/financial forecasting and policymaking.

Faust is Professor of Economics and Director of the Center for Financial Economics at Johns Hopkins University in Baltimore, USA. He has previously served as Special Adviser to the Board of Governors of the Federal Reserve and has spent nearly 20 years in the Federal Reserve System. 

Sidansvarig: Marie Örninge|Sidan uppdaterades: 2017-09-26

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