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Presidential Address: Macrofinance and Resilience

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  • MARKUS K. BRUNNERMEIER

Abstract

This address reviews macrofinance from the perspective of resilience. It argues for a shift in mindset, away from risk management toward resilience management. It proposes a new resilience measure, and contrasts micro‐ and macro‐resilience. It also classifies macrofinance models in first‐ (log‐linearized) and second‐generation models, and links the important themes of macrofinance to resilience.

Suggested Citation

  • Markus K. Brunnermeier, 2024. "Presidential Address: Macrofinance and Resilience," Journal of Finance, American Finance Association, vol. 79(6), pages 3683-3728, December.
    • Handle: RePEc:bla:jfinan:v:79:y:2024:i:6:p:3683-3728
    DOI: 10.1111/jofi.13403
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