Teaching Macroeconomics After the Crisis: A Survey Among Undergraduate Instructors in Europe and the United States

Gärtner, Manfred; Griesbach, Björn; Jung, Florian

doi:10.1080/00220485.2013.827050

Cited by 23 publications

(11 citation statements)

References 6 publications

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“…In the context of the information collected in the survey described by Gärtner, Griesbach and Jung (2013) our regressions provide a clear result: We cannot attribute the greater emphasis on financial topics, reported for undergraduate macroeconomics courses in the United States as compared with European ones, to differences in instructors' profiles and teaching environments. While such variables 'explain' pertinent teaching patterns and changes to a modest extent, they point in the 'wrong' direction and leave us with the result that, ceteris paribus, U.S. instructors include 36% more financial topics than European instructors and added 45% more topics during the financial crisis.…”

Section: Summary and Concluding Commentsmentioning

confidence: 80%

“…The global financial crisis of 2008 triggered a highly controversial debate regarding the future direction of macroeconomics in general and macroeconomics instruction in particular. 1 Examining this issue from a different angle, Gärtner, Griesbach and Jung (2013) draw a picture of what actually happened at colleges and universities during the crisis.…”

Section: Introductionmentioning

confidence: 99%

“…The classification of universities as top research institutions follows the ranking provided inCoupé (2003).4 For details, seeGärtner, Griesbach and Jung (2011).…”

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confidence: 99%

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Is there a transatlantic divide in undergraduate macroeconomics teaching?

Gärtner

Griesbach

Jung

2014

Applied Economics Letters

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The global financial crisis triggered different policy responses in Europe and the United States. Interestingly, survey results suggest that there is also a significant difference in how undergraduate macroeconomics instructors responded to the crisis, with U.S. instructors placing significantly more emphasis on financial topics than their European peers. This note considers whether such differences may be attributed to differences in instructors' profiles and teaching environments. The results suggest that, rather than explaining this gap, the transatlantic divide becomes even wider when analyzed in a multivariate setting.

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Section: Summary and Concluding Commentsmentioning

confidence: 80%

Section: Introductionmentioning

confidence: 99%

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Is there a transatlantic divide in undergraduate macroeconomics teaching?

Gärtner

Griesbach

Jung

2014

Applied Economics Letters

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“…Shiller counsels that “Teachers can encourage such recognition and best serve their students if they refer regularly and respectfully to the history of economic thought, conveying the reasons for the theoretical constructs of other times and the tentativeness of current theories” (p. 403). Gärtner et al (2013) surveyed a large number of macroeconomic instructors in Europe and the USA on how their teaching is evolving as a result of the GFC. They received over 250 responses.…”

Section: Literature Reviewmentioning

confidence: 99%

Antecedents to the crisis: Mandeville, Smith, and Keynes

Wight

2019

IJSE

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Purpose The purpose of this paper is to present the methods of teaching about the global financial crisis (GFC) from a social economic perspective. Using primary texts from the history of economic thought, the moral underpinnings for collective social action are examined in times of economic depression. The deregulation of financial markets raises two questions: to what extent is deregulation the result of a misunderstanding about human nature and the behavioral lessons of social economics; and to what extend does deregulation ignore the moral lessons of Adam Smith’s invisible hand? Design/methodology/approach By reading sources including Mandeville, Smith, Keynes, Hayek and others, students form conclusions about the strengths and weaknesses of government interventions, both to fix, and to prevent, major recessions and depressions. Findings Two fallacies relating to financial market deregulation are that “greed is good” and that rational actors in the market will self-regulate leading to widespread prosperity. These moral beliefs supported financial liberalization, and ultimately contributed to financial institutions taking on enormous risks and losses that are ultimately socialized. Originality/value This paper innovatively uses readings from the history of economic thought to spark pedagogical discussions and debates about human nature and policymaking relevant to the GFC.

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“…Economic events, such as the 2008 Global Financial Crisis (GFC) that destabilized the world economy producing the most severe economic downturn since the Great Depression, should trigger a reorientation of economics and a revolution in macroeconomic thinking (Gärtner et al, 2013). The purpose of the paper is to test the Greek students' comprehension of the economic crisis through an introductory macroeconomics course by incorporating in the teaching the GFC.…”

Section: Introductionmentioning

confidence: 99%

Students’ comprehension of the Greek economic crisis through an introductory macroeconomics course

Marangos

Triarchi

2022

Panoeconomicus

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The purpose of the paper is to report on the effectiveness of macroeconomic courses in informing and educating Greek students during an actual economic crisis. To achieve this end, we rely upon an introductory macroeconomics course that focuses upon the severe Global Financial Crisis that got underway in 2008. We conducted a survey for examining how well Greek students understood the effects of this deep and prolonged crisis. What is innovative about our testing is that we undertook a statistical evaluation of responses of two cohorts of students drawn from Spring, 2014 and 2015 - as the crisis intensified from one year to the next. To the very best of our knowledge, such an exercise had not yet been attempted; namely, of measuring students? comprehension of a crisis and comparing the valuations of two cohorts of students as this particular crisis grew increasingly severe. Our findings suggest that students were confident that they achieved a comprehensive understanding of the variables underlying the Greek Economic Crisis. As the crisis escalated, students place increased importance on their university as a main source of information that influenced and helped in forming their perceptions of the economic crisis. However, our findings suggest that the university courses did not serve as their primary source of their information. In conclusion, the crisis helps to exposed gaps in the undergraduate curriculum that could be remedied through bringing in a better selection of up-to-date class materials.

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Teaching Macroeconomics After the Crisis: A Survey Among Undergraduate Instructors in Europe and the United States

Cited by 23 publications

References 6 publications

Is there a transatlantic divide in undergraduate macroeconomics teaching?

Is there a transatlantic divide in undergraduate macroeconomics teaching?

Antecedents to the crisis: Mandeville, Smith, and Keynes

Students’ comprehension of the Greek economic crisis through an introductory macroeconomics course

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