I broadly agree with his review of the advances made in recent decades towards making monetary policy more of a science. These advances have allowed monetary policy to be based on a set of “scientific principles and to rely more on concrete econometric models – of increasing sophistication and policy relevance – when making decisions on the appropriate monetary policy stance.
His review and assessment of scientific principles and econometric models that can respectively, guide and provide a useful basis for decision-making, reflect his knowledge and contribution as an academic and his experience as a central banker.