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Miles: What is the right amount of guidance?
The Monetary Policy Committee at the Bank of England began to give more explicit guidance on future monetary policy in August 2013. In a recent talk I gave at the London School of Economics I said that thinking about how that guidance had been received in the 18 months or so since we formally embarked on it made me think about the old Yiddish proverb: “Mensch tracht, und Gott lacht" – men plan and God laughs. Woody Allen put the same thought this way: “If you want to make God laugh tell him about your p lans”. I noted that some people might see these as a fitting epitaph for forward guidance on monetary ... (full story)