The answer is yes. Economics will always be based on models, because we can't obviously do everything. so we try to abstract or summarize or simplify.
The problem we have is that we aren't actually through this one episode yet. The simple story I like to tell is about how we had a bubble. We're all familiar with it. We had the crash of the bubble. Bubbles leave behind craters, and the bubble was seven years in the making. It looks like it really is going to take up to seven years to repair all the damage that happened during that time, so we have another couple of years to go before we can say we're through this. We will have learned a lot about underlying behaviour during this episode, which will cause us to think about our models in different ways and indeed perhaps to redefine what it is central banks do in these times. We have changed quite a bit what central banks do through this, necessity being the mother of invention.
All that is to say that yes, there will be a new generation of models as we come out of it, but in the backbone of the models we have now, there's still what I think are basic truths that we will return to. They're so fundamental that we believe they will still be there. It's simply that we have to get through this thing and to come back together until we get to normal. While we've talked about how that normal may be drifting or evolving, it still has a lot of properties that we're used to and have applied over the past 30 years.