The rich body of economic knowledge that has helped us rationalize the crisis ex post has not been equally helpful in foreseeing and avoiding it. Economic research has made significant progress since its origins. Yet, recent events have reminded us how far we are from the “end of economics”. This conference offers an example of the type of work that we should promote.
7 / 13  BIS central bankers' speeches  8 / 13  BIS central bankers' speeches  My overall conclusion is that FCIs offer an information basis for measuring the quantum of financial stimulus that is too fragile at times, and – more often than not – they do not provide a robust benchmark for policy.