Macro Models Aren't Useful Now, And That Is Perfectly Fine Brian Romanchuk

There has been a small flurry of publications by neoclassical economists attempting to fit a pandemic into standard frameworks. This is what to be expected, as neoclassical models are frameworks designed to maximise the amount of publications over time. However, aggregated models are not particularly useful right now. This is true both for neoclassical as well as traditional heterodox macro models. The reason is that they do not offer much insight into either forecasting, nor are they useful for policymakers. That will change, but we are not there yet.

I will quickly discuss the two main justifications for looking at macro models....

Bond Economics

Macro Models Aren't Useful Now, And That Is Perfectly Fine

Brian Romanchuk