Abstract : The New Consensus that has dominated macroeconomics since the 1980s
was based on a fundamentally neoclassical structure: efficient markets that on
their own converged on a natural equilibrium with a very limited role for
macroeconomic (mostly monetary) policy to smooth fluctuations. The crisis
shattered this consensus and saw the return of monetary and fiscal activism, at
least in academic debate. The profession is reconsidering the pillars of the
Consensus, from the size of the multipliers to the implementation of reform,
including the links between business cycles and trends. It is still too soon to
know what macroeconomics will look like tomorrow, but hopefully it will be
more eclectic and open.