Central bankers play a prominent role in many societies; a few of
them even become oracles or celebrities. Yet they are not paid much
heed - commonly accorded little respect - as educators and
intellectual leaders. This volume hopes to change that. For the
world's best central bankers, portrayed here, teach and lead
impressively, doing so with insight, courage, quality, and
conviction. They are commendable role models for those with high
aspirations. The growing reputation of central bankers suggests
that there is much to be learned from examining the ways in which
they practice their profession. So the authors proceeded to ask
what are arguably the world's seven best central bankers, from
various countries throughout the world, for documentation on what
they considered to be their finest achievements and how they went
about gaining support for policies designed to maintain price
stability. They obtained excellent cooperation from John Crow of
Canada, Roberto Zahler of Chile, Alan Greenspan of the United
States, Helmut Schlesinger of Germany, Markus Lusser of
Switzerland, Donald Brash of New Zealand and Yasushi Mieno of
Japan. They offer here a series of essays in which they present
what central bankers have to say for themselves and the lessons
they believe they can teach about monetary policy - not what
economists, politicians, or journalists like to say about them.
Learning from gifted practitioners is common in many fields where
personal skills and the quality of judgment and execution matter so
critically. It is particularly important in fields such as central
banking where gaining political support, maintaining independence,
and establishing credibility often make the differencebetween
success and failure. In this volume, we find a fascinating
treatment of how the governors have tackled the hardest dilemmas of
policy-making in their own specific political settings. We learn
how the bankers themselves believe they have earned and preserved
credibility and how they have maintained and expanded their base of
support. We read, partly in their own words, how they have
attempted to inspire trust and have secured and defended the
independence of their institutions. We read how they have tried to
cope with regulatory failures, unstable surges of capital flows,
extremes in asset valuations, and financial crisis. Perhaps one of
the most interesting lessons we learn is that central bankers must
refuse to accept credit for fortuitous successes, like favorable
supply shocks, lest they be blamed and lose credibility when things
beyond their control go wrong. As Professor Malkiel concludes in
his Foreword, the essays in this volume can be of enormous value to
academic economists, students, and especially future leaders in
banking, finance, and government service. No study of monetary
theory and policy will want to miss this fascinating work where the
world's most gifted central bankers speak so eloquently about their
trade.
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