"Why do we have business cycles? Why do asset prices move around so much? At this stage, macroeconomics has little to offer by way of answer to these questions…. The sources of disturbances in macroeconomic models are (to my taste) patently unrealistic. Perhaps most famously, most models in macroeconomics rely on some form of large quarterly movements in the technological frontier… collective shocks to the marginal utility of leisure… large quarterly shocks to the depreciation rate in the capital stock…. None of these disturbances seem compelling, to put it mildly…."

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