On the lighter side of policymaking, the RBI deputy governor shares some hilarious jokes and card tricks.

Reserve Bank of India Deputy Governor Michael Patra said monetary policy decision-making inherently takes a leaf out the humourous side of life . He said that central bankers have a sense of humor, which is why they place a decimal point on their estimates .

New Delhi: For some, reading monetary policy statements is a stressful experience.Framing the policy will be even duller.However, Deputy Governor Michael Patra of the Reserve Bank of India said that monetary policy decision-making inherently takes a leaf out the humourous side of life, rather than a lack of worry or excitement expressed by Paul Krugman in his speech at the 9th SBI Banking and Economics Conclave in Mumbai yesterday.Hence, RBI Deputy Governor Bob Patton said that central bankers have a sense of humor, which is why they place a decimal point on their estimates, and that he asked the audience as he continued to address the issue and said that there was a book about this issue in the American Journal of Economics and Sociology, which he described as a dark art, performed by magicians, and kept in secrecy.

Mervyn King, Governor of the Bank of England from 2003-2013, also recalled some time ago.Mervyn King asked Paul Volcker, who was once considered the world's greatest central banker, for advice when he joined the Bank of England in 1991.Mystique was the single word that encapsulated most of central banking's history and wisdom at the time, according to Michael Patra.He emphasized that much of what goes into making a monetary policy decision comes from discussions that are held with each other, with the public, and from feedback.

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