Recent quotes:

Must-Read: Frances Coppola: Colds, Strokes and Brad Delong - Washington Center for Equitable Growth

Herein lies my beef with Blanchard. Hot toddies and antibiotics are not the right treatment for strokes. Nor is deep cleaning of hospitals, important though this is. But the economics profession’s toolkit seems to be limited to hot toddies, antibiotics and cleaning ladies…. And it justifies its limited diagnostic skills and inadequate toolkit by arguing that if only we keep warm and dry and eat well, we won’t catch colds or suffer strokes anyway…. I confess I find it difficult to see how a system that is normally far from equilibrium can be adequately represented by a general equilibrium model, but then I am not a mathematician. I am encouraged therefore to see that Borio seems to share my concerns (my emphasis)
#Frances-Coppola - equitablegrowth.org

A Dissent from Frances Coppola's Rant on the Importance of Non-Linear Model-Buidling - Washington Center for Equitable Growth

I also found on the internet a fine rant by the engaged and thoughtful femina spectabilis Frances Coppola attacking another one of my teachers, the vir illustris Olivier Blanchard, saying that his: call for policymakers to set policy in such a way that linear models will still work should be seen for what it is–the desperate cry of an aging economist who discovers that the foundations upon which he has built his career are made of sand. He is far from alone… It’s not quite that bad.
#Frances-Coppola - equitablegrowth.org

Evening Must-Read: Frances Coppola: The Failure of Macroeconomics - Washington Center for Equitable Growth

Representative agent models, flawed though they are, at least attempt to explain the behaviour of households and firms: but the behaviour of banks, and things that don’t call themselves banks but do bank-like things, stayed under the radar… made it impossible for mainstream economists to understand the significance of the build-up of credit
#Macroeconomics #Finance #Frances-Coppola - equitablegrowth.org