Macroeconomics Wrong Track (White)

Former BIS chief economist and current chairman of the OECD’s Economic and Development Review Committee, in article for Finance & Development Revenue, William White argues that today’s crisis—which is both real and financial—requires a new macroeconomic paradigm. The subject of this article is that the prevailing paradigm of macroeconomics allows no room for crises of the sort we are experiencing, so according to the author, it is necessary that the macroeconomic paradigm is changed. Full text: http://www.imf.org/external/pubs/ft/fandd/2009/12/white.htm