It is an honour to have been invited to give the Clarendon lectures. Thank you. My lectures are based on joint research with Nobu Kiyotaki of the L.S.E. I was originally scheduled to perform here a year ago, but we were still in the midst of our research then. You know the old saying: research is like sausages. The finished article can be delicious. But people don’t want to see what goes into the making of it. Had I told you about our research last November, it would have been just offal. So I asked Andrew Schuller of O.U.P. to postpone the lectures, and he kindly agreed. The extra time has allowed us to develop the research, especially for tomorrow’s lecture. The sausages are now seasoned, and ready for the table.
币安是全球领先的数字货币交易平台，提供比特币、以太坊、BNB 以及 USDT 交易。