Disorientation about the true intentions and determination of the monetary authorities can force upon the central bank an overly aggressive pattern of reaction to inflationary risks in order to state its intentions by the force of facts. This, in turn, can lead to unnecessary volatility in both output and inflation.
The huge Christmas tree that graces the Rockefeller Center every year must surely be one of the most beautiful in the world. In summer or winter, New York is a cosmopolitan city, cultural metropolis and tourist hotspot all rolled into one.