Kristin Forbes on ‘wargaming’ for the next crisis
The MIT professor and former BoE MPC member speaks about QE, scenario analysis and the art of conducting monetary policy in the ‘fog of war’
Why did you draw on Sun Tzu’s ancient military handbook, The art of war, for developing guidance on monetary policy and central banking?
We have been through two tumultuous decades for economic policy, and many decisions were made in the ‘fog of war’, as central banks tried to stabilise their economies and financial systems. There wasn’t time for central banks to carefully ponder all their options and do the long, detailed analysis they like to do before they make decisions. My goal in The art of
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