The field of macroeconomic theory has evolved rapidly over the last quarter century. A quick glance at the discipline’s leading journals reveals that virtually the entire academic profession has turned to interpreting macroeconomic data with models that are based on microeconomic foundations. Unfortunately, these models often require a relatively high degree of mathematical sophistication, leaving them largely inaccessible to the interested lay person (students, newspaper columnists, business economists, and policy makers). For this reason, most public commentary continues to be cast in terms of a language that is based on simpler ‘old generation’ models learned by policymakers in undergraduate classes attended long ago. To this day, most introductor
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