Acknowledging and pricing macroeconomic uncertainties (VOX)

False pretences of knowledge about complicated economic situations have become all too common in public policy debates. This column argues that policymakers should take into account what they don’t know in their decision making. It describes a tractable approach for acknowledging, characterising, and responding to different forms of uncertainty, by using theories and statistical methods available at any particular moment.

https://voxeu.org/article/acknowledging-and-pricing-macroeconomic-uncertainties

Lars Peter Hansen, Thomas Sargent

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