Sept. 24, 2010, 4:36 p.m. EDT · Recommend (4) · Post:
Bernanke defends economic models that missed crisis
More work needed on how financial sector impacts growth
Go to Comments Contrary to Bernanke, economics did fail us
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By Greg Robb, MarketWatch
WASHINGTON (MarketWatch) — Federal Reserve Board Chairman Ben Bernanke on Friday defended new Keynesian economic models even though they failed to predict the financial crisis.
“Although economists have much to learn from this crisis....I think that calls for a radical reworking of the field go too far,” Bernanke said in a speech at Princeton University, where he was a professor for two decades.
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Comment: Well, what did you expect? What Bernanke really meant to say was: OK, OK, I have been wrong all of the time but this doesn't mean that I have to change my mind about what is right and what is wrong. And this is how I shall go on.
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