This example also suggests that it may be intrinsically difficult to determine the extent to which the observed monetary developments reflect the effects of financial innovation that can be characterised as noise – that is, shocks that may “distort” money demand.
The story of many of my colleagues and first generation of central bankers are interwoven in Both Sides of the Coin. It captures not only our critical work in our core business but also how active we were in developing the arts, engaging in public outreach, and uplifting our communities.