Crisis Expectancy Theory Finance 
Harvard Business Review
OCTOBER 10, 2011
In this case, the award has been given for work that shores up a fiction of economics—rational expectations theory—that is complicit in the financial crisis and has been renounced even by Alan Greenspan. He also sounded warnings on both the dot-com bubble and the housing bubble."
Harvard Business Review
MARCH 23, 2012
What Trichet said was that state-of-the-art macroeconomic theory was almost entirely useless in dealing with the crisis that began in 2007. Buuut "atomistic rational agents [the figures that populate DSGE models] don't capture behavior during a crisis." He regrets that economists didn't give him better advice.
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