Twitter Thread of the Day: Dan Davies: On Twitter: "it's as if there was an epidemic of hepatitis and half the doctors had to look up what the liver was for":

@Frances_Coppola: Ok, here is my response to @NYTimeskrugman. Rediscovering old economic models: http://coppolacomment.blogspot.co.uk/2015/04/rediscovering-old-economic-models.html

@TofGovaerts: @Frances_Coppola @NYTimeskrugman model fin sector non-linear trigger mechanisms and we're indeed closer to reality. This article contributes.

@ericlonners: @TofGovaerts @Frances_Coppola Great post. Isn't it true, Frances, that we don't lack theoretical models, but empirical ones?

@dsquareddigest: @ericlonners there's no shortage of models. we've already got too many models. there's a shortage of looking at the economy every now & then

@TofGovaerts: @Frances_Coppola Great post. Isn't it true, Frances, that we don't lack theoretical models, but empirical ones?

@Frances_Coppola: @dsquareddigest @ericlonners isn't that the same as saying there isn't much data, and what there is, isn't understood?

@dsquareddigest: @Frances_Coppola @ericlonners it's as if there was an epidemic of hepatitis and half the doctors had to look up what the liver was for.

@dsquareddigest: @Frances_Coppola @ericlonners yeh I guess. the big shame is that in 2008, nearly every economist had to ask what a CDO was.

@ericlonners: @dsquareddigest @Frances_Coppola Transcripts reveal very weak on detail of financial sector at FOMC. Theory/modelling was distraction.

@ericlonners: @dsquareddigest @Frances_Coppola Opacity was a genuine problem.

@Frances_Coppola: @ericlonners @dsquareddigest They weren't interested. The day after Lehman they were discussing inflation.

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