"In central banking circles, it is viewed as obvious that the accumulation and destruction of reputational capital more closely resembles adaptive than rational expectations — it lags behind reality. Here, I think, the central bankers are closer to the truth than the economic theorists."
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Educators from the United StatesJews from the United StatesPeople from New York CityEconomists from the United States
Original Language: English
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p. 52
https://en.wikiquote.org/wiki/Alan_Blinder
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Alan Blinder
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