White emphasises use of Austrian school in policymaking
In a Bank of Japan paper released on Friday, William White, the former economic adviser and head of the monetary and economic department of the Bank for International Settlements, says assumptions based on the Austrian school so often neglected in the past should be incorporated into macroeconomic models for policymaking.
White said the macroeconomic theories and models favoured by academics and policymakers effectively ruled out assumptions on economic and financial crises and that the longer
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