The Queen of England famously asked her economic advisers why none of them had seen "it" (the global financial crisis) coming. Obviously, the answer is complex, but it must include reference to the evolution of macroeconomic theory over the postwar period - from the "Age of Keynes" through the...

The Queen of England famously asked her economic advisers why none of them had seen it (the global financial crisis) coming. Obviously, the answer is complex, but it must include reference to the evolution of macroeconomic theory over the postwar period - from the Age of Keynes, through the...

Different from conventional macroeconomic models, which start from the presumption that the economy is permanently in need of control and repair, the goods side/money side (GSMS) approach is not a tool to guide policy intervention but aims at demonstrating how the economy works. As such, the...

This paper critically evaluates two different approaches to teaching macroeconomics at the undergraduate level through the comparison of two popular, recent handbooks: Olivier Blanchard's Macroeconomics (2021) and William Mitchell, Randall Wray and Martin Watts's Macroeconomics (2019). These...

The author describes a Problem-Based Learning (PBL) group assignment in which students predict macroeconomic outcomes of various real-world events before they have learned about the IS-LM model that is covered in Intermediate Macroeconomics textbooks. The author also gives a brief history of the...

A decade ago, a national conference of macroeconomic educators called for fundamental reform in the teaching of intermediate macroeconomics, urging instructors to employ a single analytic framework rather than responding to the fragmentation of macroeconomics by teaching a separate model for...

This paper proposes a Wicksellian alternative to the IS-LM/AS-AD model that serves as the centerpiece of most intermediate macroeconomics textbooks. The model has a simple, intuitive structure that is consistent with modern monetary theory and the actual operating procedures of the Federal...

While the IS/LM-AS/AD model is still the central tool of macroeconomic teaching in most macroeconomic textbooks, it has been criticised by several economists. Colander [1995] has demonstrated that the framework is logically inconsistent, Romer [2000] has shown that it is unable to deal with a...

While the IS/LM-AS/AD model is still the central tool of macroeconomic teaching in most macroeconomic textbooks, it has been criticised by several economists. Colander [1995] has demonstrated that the framework is logically inconsistent, Romer [2000] has shown that it is unable to deal with a...

Economics as introduced to undergraduate students tends to discourage many from pursuing a major. One problem is the unfortunate combination in our macroeconomic models of scientifically necessary rigor and far-reaching abstraction from the real world. Recent contributions have improved real...