Lastly, skilled and talented employees are always hunted down by companies and organizations that are prepared to pay more for their skills than what you are currently paying them. Our own experience in the Central Bank of Solomon Islands demonstrates the difficulties of managing clever people.
In the realm of monetary policy, the Fed and other central banks commonly vary policy in a manner that researchers and market participants find predictable and systematic. Indeed, guidance from policy rules is increasingly used in actual decisionmaking since rule-based recommendations create a sensible starting point for deliberations.