Fed’s Fischer: econometric models are still flawed

US Fed vice-chair says models still cannot capture complexities of economy

Stanley Fischer
Stanley Fischer. Image: David Vaaknin
David Vaaknin

Stanley Fischer, the vice-chair of the US Federal Reserve, now has a less optimistic view of the possibilities for economic modelling than he did as an undergraduate, he told the UK's Warwick Economics Summit on February 11.

Some 50 years ago, when he was an undergraduate at the London School of Economics, Fischer said he had a "eureka moment" when a friend told him that within a few years econometric models would accurately predict the future of the economy. That "wonderful prospect"

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