Our Privacy Notice has been updated to explain how we use cookies, which you accept by continuing to use this website. To withdraw your consent, see Your Choices.

Modern approaches to Business Cycles

Tuesday, March 26 at 4:00 PM ET

In this session Wolfers and Milligan will discuss how the macroeconomic model that we inherited from the 1960s no longer works for today's economy or today's students. They will then 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 emphasising 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  is to provide an authentic account of the modern macroeconomy that reflects ongoing policy discussions, media debates, and higher-level classes




Speakers

Justin Wolfers

Justin Wolfers

Professor , 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, and has explored unemployment and inflation, the power of prediction markets, the economic forces shaping the modern family, discrimination, and happiness. He is a research associate with the National Bureau for Economic Research, a fellow of the Brookings Institution, a fellow of the Peterson Institute for International Economics, a research fellow with the Centre for Economic Policy Research in London, a fellow of the Institute for Economic Research in Munich, a visiting professor of economics at the University of Sydney, and an international research fellow at the Kiel Institute for the World Economy in Germany. He has been an editor of the Brookings Papers on Economic Activity, a board member on the Committee on the Status of Women in Economics, a member of the Panel of Advisors of the U.S. Congressional Budget Office, among many 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.

Kevin Milligan

Kevin Milligan

Professor , University of British Columbia

Kevin Milligan is Professor of Economics in the Vancouver School of Economics at the University of British Columbia. He is affiliated with the C.D. Howe Institute and the National Bureau of Economic Research. In 2020-21 Kevin worked at the Privy Council Office as an advisor to the federal cabinet on pandemic economic policy and recovery. He has served as Co-Editor of the Canadian Tax Journal since 2011. Milligan’s published research in over 100 articles spans the fields of public and labour economics, with a focus on the economics of children and the elderly, as well as other tax and labour market policy topics.