There are many other fields in which central banks can fruitfully cooperate. We can work together to improve the understanding of spillovers and shocks. We can prepare the instruments which will allow us to act together in times of crisis, such as foreign currency swaps. And we should all strive to design transparent policy frameworks and clearly communicate our reaction functions.
All seats provide equal viewing of the universe.” I took the brochure but instead of contemplating the stars, I contemplated my job as a governor on the Federal Reserve Board. And it occurred to me that the brochure was wrong. Completely wrong. All seats do not provide equal viewing of the universe. Some seats are better than others.