This session aimed to gain insight into the macroeconomic models and inputs used at the decision-making level. In his talk, Robert Arnold, Congressional Budget Office (CBO), echoed Stock by stressing ...

The macro economy, like the global climate, is a complex system (highly nonlinear and buffeted by random shocks) that defies attempts to model it and predict its future path. The challenge of ...

Marx never made claims about economic theories as science. He pointed out the mechanisms of capitalism and that some of the negative effects of capitalism were inevitable due to the way capitalism ...

Economists develop economic models to explain consistently recurring relationships. Their models link one or more economic variables to other economic variables (see “Economic Models,” p. 8). For ...

In this speech, I will lay out a path to modeling macrofinancial dynamics using a recent approach that I have worked on, and illustrate the usefulness of this avenue with a term structure application.

Macroeconomic models play a crucial role in decision making and federal budget planning but may not fully account for the economic disruptions caused by extreme climate-related impacts (e.g., extreme ...