Menzie Chinn taught Macro at the University of Wisconsin this past semester.  It was the first time he taught the course since the Great Recession.  The last time he taught the course, the "key topics were inflation, the possibility of stagflation, and the possibility of containing the ongoing housing slowdown."  This time: "the two big concerns were (1) dealing with the Taylor rule, and (2) dealing with the banking sector. A less difficult-to-deal issue is the consumption function."

Over the past ten years, the trend in macro textbooks has been to dispense either partly or fully with the IS-LM construct, where the quantity of money enters into the determination of GDP, and substitute in a monetary reaction function, where the arguments are the output and inflation gaps, i.e., the Taylor rule. This was a useful innovation, but was difficult to apply to Japan (as I stressed in my lectures) and as of late 2008 as the zero interest bound became a reality for American policymakers.

And heading into next semester, Chinn is planning on addressing the long term implications of the recession:

One important macro factor involves the implications of the financial sector turmoil for the capital accumulation, and unemployment and the decline in asset values for labor force participation rates. In my seminar on the Great Recession, I discuss the recent OECD Economic Outlook Chapter 4 on this subject.

You can read his full post at Econbrowser.  And if you are teaching macro, let us know how you have changed your course since the global economic crisis hit (click on comments).