Setting interest rates according to a fixed formula is a bad idea

The Economist – 8 August, 2015 http://www.economist.com/news/finance-and-economics/21660598-setting-interest-rates-according-fixed-formula-bad-idea-rule-it-out SHOULD experts in the public service follow rules, or rely on their own judgment? The answer is crucial for many areas of public policy, including criminal sentencing, immigration and…