The failures of contemporary macro theory remind me of the time we were interviewing a highly touted graduate student on the academic job market (I believe he was from the University of Minnesota, but I am not totally sure). We asked him how he would teach macro to public policy students at the Kennedy School. He thought for a while, and said: "I guess I would do it all using the overlapping-generations model, and since this is an introductory course, I wouldn't bring money in at all."
-The sorry state of (macro)economics
