19  It is not included among the topics of this lecture, but concerning the discussion as to whether massive regulations like Basel III will be effective please refer to Haldane, BOE, “The Dog and the Frisbee,” Jackson Hole Conference, 2012.
20  At the time the foreign press used the expression “Rational Irrationality”, and the Nobel Committee issued a comment that “The Nobel Laureates have laid the foundation for the current understanding of asset prices.” This can be seen as an interpretation that both sides have some grasp of reality, because it is significant to observe the rational analysis capacities of economic agents on risk, while considering the impacts of the behavioral biases based on mass psychology and of market imperfections are also needed.