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2018-01-21

DSGE macroeconomics does not really allow for the large-scale financial panic we saw in 2008

In particular, there should be room for formalised theories in which the economy is subject to multiple equilibria — what could be called paleo-Keynesian views — which show how both large crises and protracted periods of stagnation are possible.

Martin Sandbu, FT 19 January 2018

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