If we receive a flow of information pointing to lower pressures on wages and prices, for example, we can let the economy run faster than earlier relationships might have suggested, as in the Greenspan example. This may not satisfy those with a liking for a punt, because the feedback process takes longer. But it carries less risk of miscalculation.
Tom Alweendo: The exchange rate Speech by Mr Tom Alweendo, Governor of the Bank of Namibia, during a breakfast meeting of the Namibia Economic Society, Windhoek, 17 August 2004. *  *  *  I have been asked to talk to you this morning about ‘the exchange rate’ and against my better judgment I agreed to do so.