While we could debate the desired temperament of central bankers, the world in which they have operated monetary policy over the past 8 years has also been dramatic and turbulent. Today, I will describe a little of that world – particularly that faced by central bankers in small open economies.
Howe Institute’s creation of a shadow Monetary Policy Council last year to provide an independent analysis and view on interest rate decisions is making a constructive contribution to public awareness and debate. And the public traffic to the Bank’s Web site has grown enormously, indicating a growing public appetite for our published statements and information.