Affonso Celso, in the Big State

Open the Big State, page B6. There you see him, A.C.P.

I write to praise him today

Not because he says inflation will be above 6,5% next year. It will not be. It will be 5.81%

Not because he said real rates rose from 2% to 4% and yet inflation is still rising. Inflation is not rising (its derivative has negative sign)

Not because he runs that sort of regressions where all variables are endogenous and if you complain he nearly kills you

But because if you look carefully at the photo, you see Mascollel´s book at the background!!!

That is something!

Now, my question is this: did he really study it? Did he marvel at chapters 13 and 14 and because of these chapters did he consider quit running those cheap regressions to become a theorist?

Cheers,

X