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lucky breaks and near mishaps
Publish Date: January 20
Ideas that Changed the World
He found himself stuck in a reality that he was not familiar with
He is also the publisher of Octopus Books
Money and the Rule of Law: Generality and Predictability in Monetary Institutions AUTH-3063031 lucky breaks and near mishapsContemporary monetary institutions are flawed at a foundational level. The reigning paradigm in monetary policy holds up constrained discretion as the preferred operating framework for central banks. But no matter how smart or well intentioned are central bankers, discretionary policy contains information and incentive problems that make macroeconomic stability systematically unlikely. Furthermore, central bank discretion implicitly violates the basic
