[Dixielandjazz] Reuters MacroScope

[Stephen G Barbone]

Below are the opening 2 paragraphs about a meeting as reported by  
REUTERS. Question: Should central bankers be more like Miles Davis or  
more like a Dixieland Band. For those with an interest in such things,  
the full article is at:


http://blogs.reuters.com/macroscope/2011/11/29/monetary-policy-as-improv/

Yeah, but is it jazz? <VBG>

Cheers,
Steve Barbone
www.myspace.com/barbonestreetjazzband

Monetary policy as improv
NOV 29, 2011 14:16 EST

Should central bankers be more like Miles Davis — experimental,  
improvisational, and out in front — or a Dixieland band — traditional,  
predictable, and in the background?

That question was the theme of a discussion at the Council on Foreign  
Relations in New York yesterday morning that featured Arminio Fraga, a  
former governor of the Central Bank of Brazil; Kevin Warsh, a former  
governor of the Federal Reserve Board; and Adam Posen, an American  
economist who currently sits on Bank of England’s Monetary Policy  
Committee (and who coined the Davis/Dixieland dichotomy). Within the  
panel, which was entitled “Central Banking in an Age of  
Improvisation,” there was discord about how activist monetary policy  
should be when interest rates are already at the zero bound and when  
the economy was not undergoing a financial crisis.