Home - Academics - Departments and Programs - Economics - Economics Updates
Economics Updates


Rethinking the Response to the Great Recession

By Department of Economics on April 1, 2019
Shortly after Colgate University Professor of Economics Thomas R. Michl published a paper, “Hysteresis in a Three-Equation Model,” documenting the potentially permanent negative effects of economic crises like 2008’s Great Recession, his macroeconomics students posed a question:

What should we do about it?

Michl and Kayla M. Oliver ’17 decided to find out. In a new paper, “Combating Hysteresis with Output Targeting,” published in the January 2019 Review of Keynesian Economics, Michl and Oliver make the case for a new macroeconomic approach during economic downturns.  Read the full article by Rebecca Beyer here.

Portrait of Thomas Michl

Leave a comment

Comments: Please make sure you keep your feedback thoughtful, on-topic and respectful. Offensive language, personal attacks, or irrelevant comments may be deleted. Responsibility for comments lies with each individual user, not with Colgate University. Comments will not appear immediately. We appreciate your patience.