Imperfect Knowledge

    Imperfect Knowledge Economics develops macroeconomic models that are open to unforeseeable structural change and avoid the presumption that market participants are irrational. This program is also developing econometric methodology that is suitable for testing time-series implications of IKE models.

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    Instability in Financial Markets: Sources and Remedies The View from Economic History

    Taking a long‐run view from economic history, I make three points about instability in financial markets. First, I argue that economic historians have a relatively good understanding of the proximate causes of financial crises. Read more

    The Future of Central Banking

    The exteriors of major central banks may be solid marble and doric columns, but, inside, monetary policy remains a work in progress. Read more