Experience Stern | News & Events

Excerpt from the Financial Times -- "Mr Romer portrays modern macroeconomics as a racket held together by people who protect their influence. ... Mr Romer claims that the state of macroeconomics is worse. It has regressed. His observations are disturbing in their own right. But what makes them relevant in the context of this discussion is that our economic policy institutions are premised on the idea that these theories are correct. Our independent central bankers are macroeconomists, who were trained in those very models that Mr Romer criticises."

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