“Any time an economist writes down a model, it is wrong”

Lars Peter Hansen, the recipient of the 2013 Noble Prize in Economics, was at the Indian School of Business (ISB) recently to address the Summer Research Conference in Finance. The David Rockefeller Distinguished Service Professor of Economics at the University of Chicago, is a leading expert in economic dynamics who works at the boundaries of macroeconomics, fi nance, and econometrics. Best known for his work on the Generalized Method of Moments, he is also a distinguished macroeconomist, focusing on the linkages between the financial sector and the macro economy. His current collaborative research develops and applies methods for pricing the exposure to macroeconomic shocks over alternative investment horizons and investigates the implications of the pricing of long-term uncertainty.

Ahead of the event at its Hyderabad campus, ISB hosted Professor Hansen in Mumbai for interaction with senior financial sector representatives and ISB alumni. Bhagwan Chowdhry, Professor of Finance at UCLA Anderson School of Management engaged the Nobel Laureate in a conversation bringing deep insights into the latter’s work and views on world issues. Edited excerpts from the interview are produced below.

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