Does anyone spend all their time thinking about what could blow up the economy?

The RBA's Dr Luci Ellis is one. She has delivered a really thoughtful speech on "financial stability" analysis here, which I strongly recommend you read. One could not ask much more of this work. It is very carefully thought-through, frank, fearless, and correct. Luci has grown into her role as head of financial stability at Australia's central bank, and I congratulate her for this effort. I doubt that it was easy to produce. Dwelling a little further, it is probably the very first "how to" manual on financial stability oversight produced in our history. So, I hope that it echoes through the ages. I have no doubt that Luci's successors will faithfully refer to it for generations to come, much like Richards et al's fine research discussion paper on the importance of elastifying the supply-side of Australia's housing market. I'll say it again: we are lucky to have these mostly faceless public officials. A final observation would be that this speech is very well written, especially for a central banker. For mine the best writing is that which reads like someone is speaking with you---live.