What do we know and not know about macroeconomics?
My coauthor and I are currently revising our economics textbook — one of our decisions is to emphasize the Great Recession and the pandemic over the Great Depression — so I might be expected to have an answer to this question. Instead, standing on one foot, I would like to offer a short primer to guide us through future crises and downturns.
Let’s start with what we don’t know.