Abstract

SALAZAR, Boris. CRISIS AFTER THE CRISIS? FINANCIAL MACROECONOMICS AFTER THE GLOBAL CRISIS. Rev.econ.inst. [online]. 2013, vol.15, n.28, pp.127-158. ISSN 0124-5996.

Though the global financial crisis induced the emergence of a new set of stylized facts, and propitiated the use of techniques and tools emerging from other disciplines, it did not unleash a crisis of the current research program in financial macroeconomics. This article is an attempt to explain that turn of events. It does explore two interlocked hypotheses: the structural asymmetry between paths linking the 'hard core' of a research program with its 'protective belt'; what goes from the hard core onto the periphery never stops flowing under the guise of basic modules required to build up new models, whereas the periphery's findings never make their way up to the hard core. The second one is an observable fact: both, the strongest contender for the DSGE models -econophysics- and the heterodox research programs, are outsiders in mainstream economics.

Keywords : financial crisis; financial macroeconomics; research programs; paradigm; crisis.

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