Imperfect Knowledge Economics: Exchange Rates and Risk

By R. Frydman, Mitchell D. Goldberg, Edmund S. Phelps. 2007

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THE FINANCIAL CRISIS AND THE SYSTEMIC FAILURE OF THE ECONOMICS PROFESSION (2009, unknown): “For example, one might use an imperfect knowledge economics (IKE) model (Frydman and Goldberg 2007 and 2008 ) that makes use of probability theory, but also recognizes that no one, including the economist himself, knows the processes driving market outcomes.”
Testing hypotheses in an I(2) model with piecewise linear trends. An analysis of the persistent long swings in the Dmk/$ rate (2010, background): “That interest rates are important for a full understanding of the long swings puzzle also follows from the monetary model of Frydman and Goldberg (2007, 2008), which replaces the Rational Expectations Hypothesis (REH) with an Imperfect Knowledge Economics (IKE) representation of forecasting…”