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. (Alan Blinder)

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.

Alan Blinder

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