p. 31
“
Monetary policy decisions tend to regress toward the mean and to be inertial—and hence biased in just the same way that adaptive expectations are biased relative to rational expectations. But errors like that, while systematic, will generally be small and will tend to shrink over time. And, in return, the system builds in natural safeguards against truly horrendous mistakes.
— Alan Blinder
What It Means
This is a placeholder explanation generated by the low-overhead model. It interprets "Monetary policy decisions tend to regress toward the mean and to be inertial—and hence biased in just the same way that adaptive expectations are biased relative to rational expectations. But errors like that, while systematic, will generally be small and will tend to shrink over time. And, in return, the system builds in natural safeguards against truly horrendous mistakes." in the context of "p. 31" to mean that wisdom is timeless.
Source: Wikiquote: "Alan Blinder" (Quotes, Central Banking in Theory and Practice. 1998: Alan S. Blinder (1998), Central Banking in Theory and Practice, MIT Press.)
The 'What it means' explanation text was generated by Google Gemini Flash (accessed January 18, 2026). https://gemini.google.com/app
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About Alan Blinder
Alan Stuart Blinder (born October 14, 1945) is an American economist, and Professor at Princeton University as the Gordon S. Rentschler Memorial Professor of Economics and Public Affairs in the Economics Department.
About Alan Blinder
Alan Stuart Blinder (born October 14, 1945) is an American economist, and Professor at Princeton University as the Gordon S. Rentschler Memorial Professor of Economics and Public Affairs in the Economics Department.
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