Do Informational Frictions Justify Federal Credit Programmes?

Louise Davidson

Chapter 19 in Uncertainty, International Money, Employment and Theory, 1999, pp 246-253 from Palgrave Macmillan

Abstract: Abstract I tell my students that the best way to evaluate any logical model is to consider the model builder as if she is a magician. Model-builders rarely make logical errors in moving from axioms to conclusions, any more than professional prestidigitators drop the deck while performing a card trick. Model-builders excel at creating the illusion of pulling relevant policy conclusion rabbits out of their black hat model. The more surprising the rabbits pulled from the hat, the greater the audience enjoyment and applause.

Keywords: Spot Market; Default Rate; Debt Contract; Loan Contract; Real Investment (search for similar items in EconPapers)
Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-14991-9_19

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DOI: 10.1007/978-1-349-14991-9_19

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