This, he claimed, caused the build-up of debt and risk-taking, which ultimately led to the onset of the Great Recession. Likewise, Michael Wicken concluded that “… the financial crisis was brought about more by a failure to employ modern macroeconomics than by its failings.
If used sensibly, it will lead us out of the crisis.”15 On the other side, those who criticize the types of macroeconomic models popular at central banks have argued that they mistook beauty for truth and were too complex and opaque to be used quickly.