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http://ssrn.com/abstract=1889366
 
 

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Three Challenges Facing Modern Macroeconomics


Kenneth Rogoff


Harvard University - Department of Economics; National Bureau of Economic Research (NBER)

September 21, 2010

American Economic Association, Ten Years and Beyond: Economists Answer NSF's Call for Long-Term Research Agendas

Abstract:     
There are three great challenges facing researchers in modern macroeconomics today, all brought into sharp relief by the recent financial crisis. The first is to find more realistic, and yet tractable, ways to incorporate financial market frictions into our canonical models for analyzing monetary policy. The second is to rethink the role of countercyclical fiscal policy, particularly in the response to a financial crisis where credit markets seize. A third great challenge is to achieve a better cost‐benefit analysis of financial market regulation.

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Date posted: August 12, 2011  

Suggested Citation

Rogoff, Kenneth, Three Challenges Facing Modern Macroeconomics (September 21, 2010). American Economic Association, Ten Years and Beyond: Economists Answer NSF's Call for Long-Term Research Agendas. Available at SSRN: http://ssrn.com/abstract=1889366 or http://dx.doi.org/10.2139/ssrn.1889366

Contact Information

Kenneth S. Rogoff (Contact Author)
Harvard University - Department of Economics ( email )
Littauer Center
Room 232
Cambridge, MA 02138
United States
617-495-4022 (Phone)
617-495-7730 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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