Out of the corridor: Keynes and the crisis
指出当前金融危机和大衰退无法用传统凯恩斯政策或新凯恩斯理论解决，需关注资产负债表衰退，发展基于主体的系统稳定性理论和网络理论。
We should learn from Keynes to focus on the macroproblems of our day. Today’s problem is the financial crisis and the resulting great recession. Neither the standard Keynesian policies of decades past nor the monetary policy doctrine of recent years provides useful solutions. Dynamic stochastic general equilibrium theory is part of the crisis wreckage, but turning to old or to New Keynesian theory will be of little use. A balance sheet recession requires that policy address the problems in the private sector’s capital as well as its income accounts. We need serious theoretical work on problems of system stability using, for example, agent-based methods. Monetary theory needs to develop analysis of processes in which intertemporal budget constraints are violated. Network theory will be useful in that quest.