ABSTRACT
One advantage of being the fifth speaker and the third discussant is that I don't have to add very much to what has been already said. I don't have much to add by way of either theory or policy to what Mahadeva and Sinclair1 have told us. They have been entirely fair and reasonable in taking stock of the current state of knowledge on this subject, outlining the present consensus on what a central bank should do and what it cannot or should not try to achieve.
