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On the future of macroeconomics: a New Monetarist perspective

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  • Randall Wright

Abstract

This article argues that a pressing goal for macroeconomics is to incorporate financial considerations, but we need models with solid microfoundations. In particular, the use of assets in facilitating exchange, as well as different credit (or other financial) arrangements, should be outcomes of, not inputs to, theories. As a preview, I suggest that mainstream macro does a good job explaining many phenomena, and a financial crisis does not disprove such theory. But understanding crises requires better incorporating factors related to money, credit, banking, and liquidity. The approach called New Monetarist economics can help a lot in this regard.

Suggested Citation

  • Randall Wright, 2018. "On the future of macroeconomics: a New Monetarist perspective," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 34(1-2), pages 107-131.
    • Handle: RePEc:oup:oxford:v:34:y:2018:i:1-2:p:107-131.
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    File URL: http://hdl.handle.net/10.1093/oxrep/grx044
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    Citations

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    Cited by:

    1. Dan Costin NIŢESCU & Florin Alexandru DUNA, 2018. "A Multifactorial Analysis of Bank Liquidity in the Euro Area," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(3), pages 153-167, September.
    2. Lucas Herrenbrueck, Zijian Wang, 2023. "Interest Rates, Moneyness, and the Fisher Equation," Discussion Papers dp23-11, Department of Economics, Simon Fraser University.
    3. repec:zbw:bofrdp:2018_022 is not listed on IDEAS
    4. Gulan, Adam, 2018. "Paradise lost? A brief history of DSGE macroeconomics," Research Discussion Papers 22/2018, Bank of Finland.
    5. Phurichai Rungcharoenkitkul & Claudio Borio & Piti Disyatat Author-X-Name_First: Piti, 2019. "Monetary policy hysteresis and the financial cycle," BIS Working Papers 817, Bank for International Settlements.
    6. Gu, Chao & Monnet, Cyril & Nosal, Ed & Wright, Randall, 2023. "Diamond–Dybvig and beyond: On the instability of banking," European Economic Review, Elsevier, vol. 154(C).
    7. Icefield, William, 2020. "Liquidity preference in the Walrasian framework," MPRA Paper 98538, University Library of Munich, Germany.
    8. Andrea Mantovi, 2018. "The monetary dimension of arbitrage. A brief note," Working Paper series 18-27, Rimini Centre for Economic Analysis, revised Oct 2018.
    9. Jesper Lindé, 2018. "DSGE models: still useful in policy analysis?," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 34(1-2), pages 269-286.

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