Crisis undermines our models: new SNB official

Jean-Pierre Danthine, an academic who is set to join the Swiss National Bank's (SNB) board in 2010, has said that the crisis demands a fundamental rethink of the economic models used by central bankers.

The academic, who now heads the Swiss Finance Institute, told Le Temps, a Swiss newspaper, in an interview published on Thursday: "The enormous progress that we made on monetary theory has led to excellent control of inflation. But this progress seems intermediary today. The models leave an open

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