You have said in the past that economists did not have the tools to understand the 2007–08 financial crisis and so were less able to recommend actions to address the symptoms. Has anything changed?
A lot of research has gone into understanding financial crises yet we still have a long way to go and very few people would be able to predict another crisis. We know a little more about our capabilities and how to respond to these kinds of crises. We had to figure out what else we could do when inte