, Columnist
Professors Aren't Feeling the Economy's Pain
Their salaries might help explain the lack of a paradigm shift in macroeconomic research.
Nice place to work.
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In the eight months since I returned to academia from a six-year stint at the Federal Reserve, I've noticed a strange inertia: Despite the shocking experience of a global financial crisis and prolonged economic slump, most macroeconomic research is guided by the same paradigms that prevailed ten years ago.
I think this might have more to do with professors' salaries than with the state of the broader economy.