RT @JohnHCochrane: Whole thread is excellent. There is no "model" vs. "real world." There are only explicit vs. implicit (and usually wrong) models. Ben Moll and co have indeed made an extraordinary contribution, worth remembering in many circumstances. Substitution! https://t.co/4C9yr8Ocso

🐦🔗: https://n.respublicae.eu/lugaricano/status/1657983722380054531