On the future of macroeconomics: a New Monetarist perspective
主张宏观经济学应更好地融入金融因素，特别是货币、信贷、银行和流动性，并认为新货币主义方法有助于构建具有坚实微观基础的模型，以解释金融危机等现象。
This article argues that a pressing goal for macroeconomics is to incorporate financial considerations, but we need models with solid microfoundations. In particular, the use of assets in facilitating exchange, as well as different credit (or other financial) arrangements, should be outcomes of, not inputs to, theories. As a preview, I suggest that mainstream macro does a good job explaining many phenomena, and a financial crisis does not disprove such theory. But understanding crises requires better incorporating factors related to money, credit, banking, and liquidity. The approach called New Monetarist economics can help a lot in this regard.