Larry Summers at Bretton Woods...

Entertaining interview with Larry Summers about the problems in macroeconomics from the recent INET conference in Bretton Woods, NH.



I have become sceptical of sweeping critiques of economics. Fortunately, Summers, doesn't make any such criticisms. He rightly points out that there is a vast literature, both old and modern, on bank runs, liquidity provision, the relationship between liquidity and asset price inflation, the importance of credit, and the relationship between all of the above and real macroeconomic performance.

About 22 mins into the interview Summers expounds upon topics that, from his perspective as a policy maker, have been under-developed in the academic literature. Very fruitful ground for any PhD students looking for policy-relevant topics for dissertations...