The earlier part of his distinguished career he specialized in the fields of economic development, money and banking, and macroeconomic stabilization policy.
The macroeconomic program was based on several key assumptions, the most important being that the manufacturing sector had ample underutilized capacity.
It is designed to prevent and correct risky macroeconomic developments, such as high current account deficits, unsustainable external indebtedness and housing bubbles.
Compared to microeconomic uses of demand and supply, different (and more controversial) theoretical considerations apply to such macroeconomic counterparts as aggregate demand and aggregate supply.