Tuesday, August 7, 2007

A Bon Mot from the BPEA

From T.N. Srinivasan's comments on Obstfeld and Rogoff, "Global Current Account Imbalances and Exchange Rate Adjustments," Brookings Papers on Economic Activity (2005):
Evsey Domar, when asked by a graduate student at MIT why the questions in the macroeconomics examination do not change from year to year, is said to have replied, "Ah - but the answers do!"

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