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Following our discussion on post-2008 Macroeconomics developments and the importance of DSGE models in part I of the interview, we asked Prof. Christiano about one of his recent and important research paper "Understanding the Great Recession". What does his model tell us about the Great Recession? Does labor participation rate have a role in the developments of the Great Recession? These are the questions we've discussed with Prof. Christiano, and he has some great answers.
In this interview, Prof Christiano shared his view on the development of post-2008 academic macroeconomics. We’ve asked Prof Christiano does he agree that modern macroeconomic models are too complicated for the general public, or even policymakers and if he agrees that economic models should be “simpler”. Does he think the recent revival of ISLM model a “good trend”? Should Macroeconomists hang on their faith in DSGE models? Should they explore alternative paths?