"Monetary policy cannot afford to lower its guard against the possibility of resurgence of inflationary pressures, " the bank said in its annual monetary policy review.
Even if households and businesses are caught off guard by the policy, output rises and unemployment falls only temporarily, until households and businesses adjust their expectations to the new reality.
FORBES: Thomas Sargent, Rational Expectations And The Keynesian Consensus
Even if monetary policy is not stifling growth, the bank's language constantly gives the impression that policy needs to be tight to guard against the ever-present threat of inflation.
He is seen as the old guard, though on the key policy of immigration, he and Marine are pretty much the same.
China's central bank Gov. Zhou Xiaochuan said last month that he is on guard against inflation and that monetary policy is now "neutral, " after a slightly easy policy stance in the past year.
U.S. officials believe the Islamic Revolutionary Guard Corps is increasingly dominating Tehran's foreign policy, particularly as sanctions threaten to cripple the Iran economy.
And even still it is the policy of my CEA member employer that we still need to guard what we say, even with the disclaimer.
Nonetheless, the United States will probably keep its guard up until Brazil establishes a clearer record in foreign policy.
ECONOMIST: Two American giants are slowly getting to know each other
Major General LARRY SHELLITO (Minnesota National Guard): I think it was actually a deliberate policy to keep the American people as out of this as much as possible, so they're not inconvenienced.
Replacing the old guard of civil rights activists, black mayors are emerging as a powerful force in national politics and public policy.
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