See also C. Bean, “Asset prices, financial imbalances and monetary policy: are inflation targets enough?”, BIS Working Papers, 140 (with discussions by I. Visco and S. Whadwani, http://www.bis.org/publ/work140.pdf). 12  H. A. Simon, The sciences of the artificial, MIT Press, Cambridge, Mass., 1972, p. 170.
BIS central bankers’ speeches  9  We must recognize that empirical models reflect historical experience in the values of their parameters and are mostly reliable when it is “business as usual”, that is, as long as our systems are not subjected to unusual pressure.