You might not notice, but I have been taking a little break from this project for some time. In the last two years, I am honored to have the chance to ask elite macroeconomists the questions I have always been wondering in my mind and discuss with them the future of macroeconomics.
Have to admit, this project is much more demanding than I have imagined back at the beginning of 2016, the time when I first feel the urge to engage in such project. It is only after I started the project, I realized the whole idea is kind of out of my league.
One of the major problems is my English editing skills. As you can see from my writing, my English is far from perfect, let alone “editing” in English. But I am fortunate enough to have lots of helpful interview guests who don’t mind giving me some advice on how to make the interview article more appealing to readers. I have learned a lot from them, and I owe them a great debt.
Another problem is this project lacks the resources it deserved. I am sorry that I have nothing by my spare time to invest in this entrepreneurial project. It is obvious that with so little resource devoted on such a grand project, it is far from adequate to the project a successful one. I have been working very hard to post at least one interview a month, with a target of getting it to twice monthly. But have to say, I fail my targets more often than I hoped for.
I am disappointed with my own performances and feel really sorry that I keep disappointing all the generous guests who keep helping me develop this project. This is why I find the need to take a little break from the project and think about the future direction of it.
But enough of negative energy, I am back and now fully charged, ready for the round 2 of “Where is the General Theory of the 21st Century?“!
I have some new ideas for the project and eager to try it out. First of all, we will be exploring some topics that we should have covered but yet to cover. One of them is the Global Financial Cycle. Since the Great Recession, it is very obvious that the financial flow from the US has a direct impact on the global economy. If the world economy is dependent on the monetary policy of the US, does it implies that other countries should actively engage in capital flow control policies? Should we also engage in a global monetary policy framework that the US is obliged to take care the situations of other economies? We will try to handle these question in the coming WITGT21 interviews.
Another important subject that we haven’t touch on is Fiscal Policy. Most of our previous guests think that the Great Recession showcases the importance of aggregate demand management. We have talked a lot about monetary policy, but what about fiscal policy? Since the 80s, economists overwhelmingly support the use automatic fiscal stabilizers, but should we consider a change of strategy now? Are there any smart strategies governments can adopt, other than the active Keynesian fiscal stimulus? We will try to find out in the coming interviews.
Except for new topics, we are also trying some new article formats. All the interview articles we have done so far are board and detailed discussions with economists, I think it is time for us to try to have some short and pinpointed interview of some specific topics. This is why I will launch a new series called “EconXplaner” and invite elite economists to explain to us their research within 5-6 short Q&A. I am excited to try out this format and hopefully, it will give you more reason to visit our website. I will also expand the scope of discussion for this new series. Not just macroeconomics, we will also talk about behavioral economics, microeconomics, experimental economics, development economics, political economy, and any other topic that excites you, my dear readers.
So, this is my plan for the coming year. What do you think? Please feel free to drop a word in the comment box below and let me know what you want to see in our future articles and what else we should improve. More importantly, please follow us through our RSS feed or our twitter. Your support is what keep me going!
Thank you for reading!
Just in case you haven’t read all of our previous articles, here is a quick rewind.
On DSGE model
On Monetary Policy
John Cochrane’s take on Neo-Fisherian and Fiscal Theory of Price Level;
Joe Gagnon’s discussion on the exchange rate policy;
Jeremy Stein on Fed’s Balance Sheet.
Beyond Mainstream Macro
Also published on Medium.