Federal Reserve Official Greatly Overstates Enjoyableness of Peeing in Bed

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A bed inside the Federal Reserve's Washington DC headquarters. Photo: Paul Edmondson/Corbis© Corbis. All Rights Reserved.

There are elegant, simple metaphors one can use when explaining the complexities of monetary policy. Then there's this:

"Devaluing a currency," one senior Federal Reserve official once told me, "is like peeing in bed. It feels good at first, but pretty soon it becomes a real mess."

Next up: How NGDP targeting is like prairie-dogging.