Distinguished Economist Willem Buiter Joins CFR as Senior Fellow

Buiter is the newest addition to CFR’s Maurice R. Greenberg Center for Geoeconomic Studies, which provides analysis on how economic and geopolitical forces interact to influence world affairs. 

Prior to joining Citigroup, Buiter spent six years as a professor at the London School of Economics and Political Science, teaching political economy. 

From 2000 to 2005, he was chief economist and special counsel to the president at the European Bank for Reconstruction and Development, and from 1997 to 2000 was an external member of the Monetary Policy Committee of the Bank of England. 

Additionally, Buiter has been a consultant to the International Monetary Fund, the World Bank, the Inter-American Development Bank, the Asian Development Bank, as well as to other multilateral institutions, national governments, and central banks. He was also a senior advisor at Goldman Sachs International and a member of the Academic Advisory Board of APG Investments.

Council on Foreign Relations
Distinguished Economist Willem Buiter Joins CFR as Senior Fellow

Lars Syll — Microfounded DSGE models are not only unrealistic — they are also plainly wrong

The DSGE model is a model in which output is determined in the labour market as in New Classical models and in which aggregate demand plays only a very secondary role, even in the short run.

In addition, given the fundamental philosophical problems presented for the use of DSGE models for policy simulation, namely the fact that a number of parameters used have completely implausible magnitudes and that the degree of freedom for different parameters is so large that DSGE models with fundamentally different parametrization (and therefore different policy conclusions) equally well produce time series which fit the real-world data, it is also very hard to understand why DSGE models have reached such a prominence in economic science in general. — Sebastian Dullien

Microfounded DSGE models are not only unrealistic — they are also plainly wrong
Lars P. Syll | Professor, Malmo University

Lars Syll — William Buiter on useless macroeconomic theories

Both the New Classical and New Keynesian complete markets macroeconomic theories not only did not allow questions about insolvency and illiquidity to be answered. They did not allow such questions to be asked....

Lars P. Syll's Blog
On useless macroeconomic theories
Quoting William Buiter