In the speech 'The transition from academic to policymaker' given on 7 January, Ben Bernanke of the Federal Reserve reflects on his two and a half years as an academic turned policymaker. Since moving to Washington Bernanke said he noticed that people seem to find his ideas and insights of greater interest than they used to, but said he had not, as far he knew become any smarter in the past few years.

"A part of monetary policymaking for which my background left me imperfectly prepared is what