Access our Webinar Recording! Teaching Business Cycles - A Modern Approach

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Teaching Business Cycles - A Modern Approach

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..

 

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