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Margaret McConnell, head of the Applied Critical Thinking unit, a little-known enclave of the New York Fed

with a big mandate: to poke holes in the most basic assumptions that central bankers make -- which can lead to big policy mistakes when they’re wrong.

The financial crisis offers plenty of illustrations. The Fed got housing markets wrong before the crash, and its estimates of labor resources in the recovery have been off, too. 

McConnell’s conclusion after 2008 was that economics as practiced at today’s central banks has embedded blind spots.

Bloomberg 24 July 2019

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