How Lawyers Can Help Macroeconomists in the Wake of Three Major Challenges

Abstract

Macroeconomics has changed in light of both developments in the world and its internal intellectual evolution. This Article explores ways in which legal scholarship can help inform macroeconomic research and macroeconomic policymaking in light of three important developments: (i) limitations on conventional monetary policy in a world with lower equilibrium interest rates; (ii) labor markets not clearing as evidenced by persistent declines in labor force participation; and (iii) the potential for microeconomic competition policies to have major macroeconomic effects.