BIS hails a heretical revolution

Alan Greenspan ignored the Bank for International Settlement's warnings to walk eyes wide shut into the GFC. But Treasuries are now under pressure to get it right, even with unorthodox models, and the BIS is finding a broad audience.

In the last four decades, there have been only a handful of central bank and Treasury papers that I thought genuinely added to human knowledge. The economic-oriented departments within governments have in general been even more dominated by neoclassical orthodoxy than academic departments – and for good, bureaucratic reasons.

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