NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Where Modern Macroeconomics Went Wrong

Joseph E. Stiglitz

NBER Working Paper No. 23795
Issued in September 2017, Revised in December 2017

---- Acknowledgements ----

I wish to acknowledge the helpful comments of David Vines and Matthieu Teachout, and the editorial assistance of Debarati Ghosh and Eamon Kircher-Allen. Many of the ideas contained here were developed over years of collaboration with a large number of co-authors, including Andy Weiss, Carl Shapiro, Richard Arnott, Martin Guzman, Marcus Miller, Stefano Battiston, Mauro Gallegati, Domenico delli Gatti, Hamid Rashid, and, most importantly, Bruce Greenwald. Discussions of inadequacies of the DSGE model with Anton Korinek, Rob Johnson, Arjun Jaradayev, John Geanakopolis, and Robert Solow have been invaluable. I am also indebted to Jesus Fernandez-Villaverde for his comments on an earlier version of this paper. Financial support was provided by Institute for New Economic Thinking (INET) and Columbia Business School. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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