Panel discussion

After the financial crisis, economics in general, and macroeconomics in particular have been criticized for their failure to predict or explain the crisis and the resulting market turmoil up until today. The critique has spurred a renewed interest in different approaches to macroeconomic modeling. In the panel discussion entitled The Future of Macroeconomic Modeling, we will discuss the advantages and risks from different approaches such as traditional General Equilibrium analysis, complexity, and behavioral economics. In particular, we will explore questions such as:
What are macroeconomic models for? Do we need microfoundations for macroeconomics? And if so, how should they look like? Is it enough to aggregate microeconomic results for modeling the macroeconomy? How can we relate macroeconomic models back to dynamics in the real world and derive policy recommendations?

Jan David Bakker (student University of Tübingen and University of Michigan, Ann Arbor) will chair the discussion featuring the following discussants:
  • Professor Doyne Farmer, Ph.D. (Santa Fe Institute, University of Oxford, and INET)
  • Professor Dr. Johannes Pfeifer (University of Tübingen)
  • Inske Pirschel (Kiel University, Kiel Institute for the World Economy, and INET)
The panel discussion will take place on June 29, 2013, 7pm, and will be open to the public.