経済思想史上最大の間違い - himaginary’s diary
23日エントリではファーマ対セイラーを取り上げたが、そのセイラーがミネアポリス連銀の発行するRegion誌のインタビューに登場している（H/T Conversable Economist）。そこでセイラーは、シラーの以下の言葉を引用している。 Bob Shiller has this great line in one of his early papers to the effect that if you see a random walk, concluding from that that prices are rational is the greatest error in the history of economic thought. Why? Because it could be a drunken walk. A drunken man will have a ran
Opinion | Japan's Illiberal Secrecy Law (Published 2013)
The Japanese government is poised to enact a secrecy law that will undermine the people’s right to know. The law will give all government ministries the right to classify information related to defense, diplomacy, counterintelligence and counterterrorism as a state secret. But there is no guideline as to what constitutes a secret. This lack of definition means the government could well designate a
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Of Course Monetary Policy is an Asset Swap -- But that Doesn't Make it Any Less Useful
