The author has been described by News Ltd as an "iconoclast", "Svengali", a pollie's "economist muse", and "pungently accurate". Fairfax says he is a "Renaissance man" and "one of Australia’s most respected analysts." Stephen Koukoulas concludes that he is "85% right", and "would make a great Opposition leader." Terry McCrann claims the author thinks "‘nuance’ is a trendy village in the south of France", but can be "scintillating" when he thinks "clearly". The ACTU reckons he’s "an enigma wrapped in a Bloomberg terminal, wrapped in some apparently well-honed abs."

Saturday, September 11, 2010

Great quote from Dr Guy Debelle of the RBA

Trudging through old speeches I have not had time to read right now. And I came across this very interesting quote from the RBA's Guy Debelle about monetary policy setting:

"It's difficult to take risk [quantifiable] and uncertainty [unquantifiable] into account in conducting policy. To some extent in policy, you have to take account of the modal events rather than the tail events, which means that, almost certainly, you're probably going to be wrong, but that you just don't know which direction you are going to be wrong."