Presidential Address: Macrofinance and Resilience

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.