La crisis de 2008 y la naturaleza de la política económica.
ISSN: 1139-6148
Year of publication: 2009
Issue: 4
Type: Working paper
More publications in: Documentos de Trabajo (IAES, Instituto Universitario de Análisis Económico y Social)
Abstract
The economic policy-making model erected since 1980 - following the emergence of global financial markets supposedly omniscient- is going to be transformed due to the ongoing financial crisis. This crisis has revealed the chimeric element of the assumption of full rationality, central in the modern theory of economic policy (the credibility-bias theory). The consequence could be an important transformation in the nature of economic policy processes, both in terms theoretic and practical (related with, among others, the validation criterion of decision, or the rules vs discretion dilemma).