Innis Lecture: Explorations in medium‐run macroeconomics

Abstract.  Medium‐run macroeconomics refers to aggregate economic phenomena that manifest over periods of 10 to 25 years. This area of research has emerged over the last decade as a new and distinct field of enquiry. In this paper, I overview a set of personal attempts aimed at understanding certain medium‐run phenomena such as: changes in the wage structure, changes in the world distribution of income‐per‐capita, and changes in growth patterns across OECD countries. The goal of the paper is to extract general lessons from these experiences. In particular, I will discuss why models of endogenous technological choice may be a good starting point for studying medium‐run phenomena. JEL classification: E00, O00