But it’s theoretical nihilism, Cochrane argues, to ascribe these excessive fluctuations to “irrationality” as Krugman does. What Krugman is really after (“though he can’t quite come out and say this”) is for the government to “take charge of the allocation of capital.”
科克伦指责克鲁格曼在有效市场理论的问题上误导读者。所谓有效市场理论是指，在信息充分的前提下，金融市场中订出的资产价格一向是合理的。科克伦并没有为这个理论辩护，他承认“资产价格比未来预期的合理现金流走得要远”。不幸的是，“目前并没有特别好的理论出现。”