Mervyn King(mayo de 2005): "The great Argentine footballer,
Diego Maradona, is not usually associated with the theory of monetary policy. But his
performance against England in the World Cup in Mexico City in June 1986 when he
scored twice is a perfect illustration of my point."

"Maradona’s first “hand of God” goal
was an exercise of the old “mystery and mystique” approach to central banking. His
action was unexpected, time-inconsistent and against the rules. He was lucky to get away
with it".

"His second goal, however, was an example of the power of expectations in the modern theory of interest rates. Maradona ran 60 yards from inside his own half beating
five players before placing the ball in the English goal".

"The truly remarkable thing, however, is that, Maradona ran virtually in a straight line. How can you beat five players
by running in a straight line?"

"The answer is that the English defenders reacted to what
they expected Maradona to do. Because they expected Maradona to move either left or
right, he was able to go straight on."

"Monetary policy works in a similar way. Market interest rates react to what the central
bank is expected to do."

"It should be clear that, just as Maradona could not hope to score in every game by running towards goal in a straight line, so monetary policy cannot hope to meet the inflation target by leaving official interest rates unchanged indefinitely"

"Rates must always be set in a way that is consistent with the overall strategy of keeping inflation on
track to meet the target; sometimes that will imply changes in rates, at other times not".

El magistral homenaje de Mervyn King a Maradona en vida, lo he usado en varios artículos y clases. La disertación completa puede leerse aquí: https://www.bankofengland.co.uk/-/media/boe/files/speech/2005/monetary-policy-practice-ahead-of-theory#:~:text=As%20the%20Maradona%20theory%20of,Mais%20lecture%20has%20itself%20demonstrated.