The brilliantly complex models designed by Fed PhDs which failed to foresee the greatest macroeconomic event of our lifetimes continue to guide central bank policy, writes Jon Hilsenrath. Currently the models are giving the thumbs up to ZIRP and massive asset purchases until headline unemployment hits 6.5%. Somewhere Nassim Taleb is banging his head against a wall.
The brilliantly complex models designed by Fed PhDs which failed to foresee the greatest...
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