Monday 2018-05-28

At what point do people just stop funding their depressing Cassandras?

The experience showed once more how some of the most serious risks do not arise from the mechanical repetition of errors in identical circumstances, but from the interaction between policy and changes in the economic environment. And they arguably reflect overconfidence in our ability to understand the economy, a sense that policy is finally on the right track.
-- BIS working paper 706