in three steps. The first thing is that the level, the sophistication of the conversation can be improved even with the existing data and models. One has to go outside of the existing data models, but it seems to me that you could have a better conversation even with the tools that we have. Second, it seems to me that, yes, absolutely, that we are at the beginning of transition of macroeconomics to more realistic models. I think the financial crisis of 2008 shook people up and they are much more open today. This is what you started with when you talked about behavioral macroeconomics and finance. They are much more open today than they would have been 10 years ago to the idea that we should introduce expectations both in terms of data and in terms of models into macroeconomic analysis. That is happening. I can tell you how fast it will happen. Of course, the third point is that it would normally take 20 years, even if we do have more sophisticated macroeconomic analysis, for that to be (36/44)
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