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Post-pandemic Macroeconomics
A series of unprecedented shocks has hit the global economy over the past decade and a half, calling into question both the prevailing macroeconomic models and the policies based on them. While some of the shocks (like the pandemic) are exogenous, some are endogenous; but none can be described well as having been drawn from a well-defined probability distribution. Besides, these large shocks occur in an environment of incomplete contracts, leading to macroeconomic inconsistencies that creates ex-post uncertainty (uncertainty about how the inconsistencies will be resolved). Deep or radical uncertainty is at play.
So too, in the movements of markups and markdowns, there is evidence of monopoly and monopsony power, raising the question, how does such power affect macroeconomics, how it responds either to shocks or to policies, how weak or strong are the equilibrating forces returning the economy to full employment with stable prices. These are among the central questions which this conference workshop, part of a larger research program being sponsored by the Hewlett Foundation, hopes to address.
Organizing Committee
Ignacio Gonzalez (American University)
Martin Guzman (Columbia University, SIPA)
Haaris Mateen (Bauer College of Business at the University of Houston)
Juan Montecino (American University)
Joseph E. Stiglitz (Columbia University)