Oxford Review of Economic Policy volume 36, issue 3, P427-497 2020 DOI: 10.1093/oxrep/graa066 View full text
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David Vines, Samuel Wills

Abstract: Abstract This issue of the Oxford Review of Economic Policy is the second in the Rebuilding Macroeconomic Theory project. The papers in the first issue proposed specific improvements to the New-Keynesian Dynamic Stochastic General Equilibrium (NK-DSGE) framework, in response to the events of the 2008 crisis. This issue goes further. We, as editors, now argue that a new multiple-equilibrium and diverse (MEADE) paradigm is needed for macroeconomics. It will emphasize that economies can have more t…

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