Should a central bank do nothing outside orthodoxy (what is written-for-other-contexts textbooks) to curb excesses where it notices such?
Macroeconomic stability – including fiscal stability .
This calls to mind another problem that central banks grapple with. Central banking is a game whereby you keep playing your hand very confidently, but you must be keen-minded enough to change tack and head the other way tomorrow. A central bank can pursue a policy of cutting interest rates to stimulate the economy at some point, and then changing tack to start contracting the economy by increasing interest rates after a while.
People with vaunting ambition who believe they can do a better job but who don’t even know what its all about.Rumours, hearsays, and deliberate machinations of instability from people with selfish and malicious ambitions. My proposal is that no matter our misgivings about whoever occupies the position of the central bank governor, we should seek to protect the institution. And our institutions must be able to continually perform their statutory functions, no matter who heads them.
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