Conclusion
John Muellbauer's accomplishments in economics are noteworthy in terms of both their depth and their breadth. Few economists have contributed significantly both to micro- and macroeconomics, as well as to theory and empirical analysis.
The range of the topics and debates he has engaged in are exceptionally varied. Another rare quality has been his ability to address both academic questions and related policy debates—with a knack for spotting large macroeconomic imbalances before they were widely acknowledged, even in policy circles. John has also had the courage and persistence to address unfashionable subjects over decades both in academia and in policy, eschewing a rational expectations and efficient markets outlook that ignored the role of institutions such as credit and housing market architecture. Since the global financial crisis, his contribution has been increasingly recognised. Also exceptional is that John's empirical analyses span many diverse countries, including both advanced and emerging market economies. The applicability of his microframeworks, housing and consumption models, and his macroprudential policy insights, ensure that his body of work will long continue to benefit both the economics profession and policy makers.