Extreme Aggregation Misleads Macroeconomists and the Fed

"The root of all of these evils is excessive aggregation. The reigning macroeconomic analysis also has other important flaws, as I have suggested, but however these other problems might be dealt with, as long as mainstream analysts continue to work within the confines of such highly aggregated models, continued failures to understand and control the economy’s movements are well-nigh inevitable."

Extreme Aggregation Misleads Macroeconomists and the Fed | The Beacon