Central banks are sometimes accused of practising a culture of secrecy and of suffering from inbreeding. We, at the Bank – and here I am including my Second Deputy Governor and myself, both newly-minted central bankers of only nine weeks’ standing, as part of the “in” crowd – place tremendous value on “outside” talent and expertise.
Lucas, R.E. (1976), Econometric Policy Evaluation: A Critique, Carnegie-Rochester Conference Series on Public Policy 1, 19-46. Lucas, R.E. (1981), Discussion of S. Fischer, Towards an understanding of the costs of inflation: II, Carnegie-Rochester Conference Series on Public Policy 15, 43-52. Masuch, K., S. Nicoletti Altimari, H. Pill and M. Rostagno (2003), The role of money in monetary policy making, in: O. Issing (ed.