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Miles: Mensch tracht, und Gott lacht: Giving guidance on future monetary policy
“Mensch tracht, und Gott lacht" is a Yiddish proverb – men plan and God laughs. Woody Allen puts the same thought this way: “If you want to make God laugh tell him about your plans”.1 Some people might see these as a fitting epitaph for forward guidance on monetary policy. The Bank of England has certainly faced a good deal of criticism for the guidance that it has recently been giving, as has the Federal Reserve in the US. In both cases the nature of the guidance has evolved, though I think it is rather harsh to assume that God has been laughing at how things have gone; anyway it is hard to know. Yet there ... (full story)
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- Sep 30, 2014 1:35pm Sep 30, 2014 1:35pm
- NewtonsCash
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