Professor John FitzGerald:

First, debt was very specifically included in the model. There was a very detailed section in the model as a result of what happened in the 1980s. Models are developed for particular purposes, but they are one of many tools. We used quite a number of different models in our research. The fact that the model did not have an operational banking sector did not mean that in using it one would not take that into account. We have used it very successfully since 2008. While we do not have a fully developed banking sector in the model - we bring a model in our heads or an informal model on paper - that is not the problem; the problem is with the users.