Macro needs micro
认为宏观经济学需要更多微观基础，包括金融中介、劳动力市场摩擦和家庭异质性，并呼吁打破商业周期、稳定政策和增长宏观之间的分离，以及国际宏观与贸易的分离。
An emerging consensus on the future of macroeconomics views the incorporation of a role for financial intermediation, labour market frictions, and household heterogeneity in the presence of uninsurable unemployment risk as key needed extensions to the benchmark macro framework. I argue that this is welcome, but not sufficient for macro—and international macro—to tackle the menu of issues that have been facing policy-makers since the recent global crisis. For this purpose, macro needs more micro than the benchmark set-up has been incorporating so far. Specifically, artificial separations between business cycle analysis, the study of stabilization policies, and growth macro, as well as between international macroeconomics and international trade, must be overcome. I review selected literature contributions that took steps in this direction; outline a number of important, promising directions for future research; and discuss methodological issues in the development of this agenda.