Global crises are very rare events. After the GreatDepression and the Great Stagflation, new macroeconomic paradigms associatedwith a new policy regime emerged. This book addresses how some macroeconomicideas have failed, and examines which theories researchers should preserve anddevelop. It questions how the field of economics - still reeling from theglobal financial crisis initiated in the summer of 2007 - will respond.

The contributors, nine highly-renowned macroeconomists,highlight the virtues of eclectic macroeconomics over an authoritariannormative approach, and illustrate that macroeconomic reasoning can still be auseful tool for carrying out practical policy analysis. As for emergingresearch programmes, their wide-ranging chapters remind us that there arepositive approaches to and reasons to believe in old-fashioned macroeconomics.

This challenging and thought-provoking book will prove astimulating read for researchers, academics and students of economics, as wellas for professional economists.

Contributors include: W. Carlin, J.-B. Chatelain, G.Corsetti, P. De Grauwe, G. Dosi, G. Fagiolo, R.J. Gordon, M. Napoletano, X.Ragot, A. Roventini, R.M. Solow, X. Timbeau, J.-P. Touffut, V. Wieland