Teaching Business Cycles - A Modern Approach
Thursday, February 2 at 3:00 PM ET
The macroeconomic model that we inherited from the 1960s no longer works for today's economy or today's students. In this talk, Professor Wolfers will introduce two modern approaches. The first is to switch the standard model with a method of teaching AD-AS that both reflects the modern economy and links with modern macroeconomics. The second approach replaces the AD-AS model by emphasizing the method that modern macroeconomists take, focusing on an IS-MP analysis (an updated version of IS-LM), which connects to the Phillips Curve. The key, Wolfers argues, is to provide an authentic account of the modern macroeconomy that reflects ongoing policy discussions, media debates, and higher-level classes.
Speakers
Justin Wolfers
Professor of Economics, University of Michigan
Justin Wolfers is a professor of economics and public policy at the University of Michigan. He does research in both macroeconomics and applied microeconomics topics. He has been a board member on the Committee on the Status of Women in Economics, and a member of the Panel of Advisors of the U.S. Congressional Budget Office, among other board and advisory positions. He is currently a contributing columnist for the New York Times and has written about economic issues in numerous other outlets. Justin earned a BA in economics from the University of Sydney and an AM and Ph.D. in economics from Harvard University.