During the 1970s George Akerlof, Michael Spence and Joseph Stiglitz developed the understanding of information asymmetries that is now a standard tool for economists seeking to explain how markets work.
Yesterday's award came as no surprise to the world of academic economists: the three were b
- Making the rules and breaking the mould (Allan Meltzer: 1928–2017)
- BoE economists criticise DSGE inflation modelling
- Indonesian deputy Perry on revolutionising monetary and financial policy
- Commission should have power to order CCPs to relocate to EU – Cœuré
- Indonesian banks will switch to reserves averaging in July