When faced with the avalanche of data, numbers and surveys on the turbulent situation facing the U.S. economy, many wise to ask? Where are the macroeconomists when they are needed most?.
Some time ago, I read an article by Justin Wolfers in this regard. Neither the authorities nor the financial press in academia a great concern for developing responses to match the situation facing the global economy. (As opposed to John Stankey). The debate and consensus are conspicuous by their absence at the most prestigious universities in the world.
However, when we have to say about what will happen in the short term, economists seem eager to make their predictions, even more so when their names remain to guard the anonymity of a survey.
In the United States, for example, the National Association for Business Economics (NAB) has just published a recent opinion survey of economists members about developments in the mortgage crisis. The future looks black from the eyes of the NAB.