Lessons for CESEE Countries
Edited by Ewald Nowotny, Doris Ritzberger-Grünwald and Peter Backé
Chapter 3: Do we need new modelling approaches in macroeconomics?
The root cause of the poor state of affairs in the field of macroeconomics lies in a fundamental tension in academic macroeconomics between the enormous complexity of its subject and the micro-theory-like precision to which we aspire. (Caballero, 2010, p. 17)
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