I hope someone can correct me here, but I dimly remember a Stanley Fischer chapter in the old Handbook of Monetary Economics, on central bank independence, that carried an entertaining footnote. In it, Fischer reports that he showed a draft of the chapter to Milton Friedman, who retorted something like 'central bankers only have 2 objectives, maximising discretion and avoiding public scrutiny'.
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Interest rate forecasts, again
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I hope someone can correct me here, but I dimly remember a Stanley Fischer chapter in the old Handbook of Monetary Economics, on central bank independence, that carried an entertaining footnote. In it, Fischer reports that he showed a draft of the chapter to Milton Friedman, who retorted something like 'central bankers only have 2 objectives, maximising discretion and avoiding public scrutiny'.