Recommended by The Economist

This blog, that is.

I was in the admin section and noticed that a recent post with no comments had over 700 pageviews... very strange. This explains it!

The link elaborates a point that was frustrating me about the monetary rules discussion before: the presumption that a rule has to work a certain way. Really, the conservative central banking model is an expectations augmented Phillip's Curve model. It's not all that much about central banking. The key mechanism is the model of the macroeconomy. When that changes, the implications can change.

That, of course, raises some concerns about constitution writing or rule making (or at least it makes rule-amendment a critically important concern).