How People Think and How It Matters

Abstract

This reminds me of a question once asked of me. While completing graduate school and looking for a job, I presented my dissertation at various institutions. The goal of my work at the time was to use historical data to document the behaviour of the Federal Reserve and how it had changed over time. On one occasion, after I had spent the better part of an hour explaining the brilliant methodology I was so proud of, someone asked, “Wouldn’t it have been easier to just go and ask Chairmen Greenspan and Volcker what they did?”

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