In this talk David Vines describes the Rebuilding Macroeconomic Theory Project, which led to a number of papers in the Oxford Review of Economics Policy, by authors including Paul Krugman, Olivier Blanchard, Joe Stiglitz and Simon Wren Lewis.

In the wake of the crisis in 2008, the need to change macroeconomic theory is similar to the situation in the 1930s, at the time of the Great Depression, and in the 1970s, when inflationary pressures were unsustainable. A number of leading macroeconomists describe how the benchmark New Keynesian model might be rebuilt. Vines will discuss a large number of changes which the authors recommended. In his view, the result will not be a paradigm shift, but an evolution towards a more pluralist.

David Vines is Emeritus Professor of Economics and Emeritus Fellow of Balliol College at the University of Oxford. He is also the Director of the Ethics and Economics Programme at the Oxford Martin School and a Research Fellow of the Centre for Economic Policy Research in London.