Can central bankers live up to their role as the guardians of finance?


It is an occupational hazard. Central bankers believe, with a mix of wishful thinking and empirical evidence, that their own credibility is critical to the success of monetary policy.1 There is little room, then, for exhibiting self-doubt, with a tendency for new policies to be grasped with gusto and the old to be quickly discarded. It is not that critical thinking is actively discouraged – central bankers are a conscientious lot. But in practice it is disincentivised. An idea or analysis that

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