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While official statistics compiled by government agencies are still considered the most reliable, policymakers are increasingly using private data to get around their limitations. Former Federal Reserve economist Claudia Sahm says the immediacy and granularity of private company data should serve as a complement to traditional data, not as a substitute.

Price stability is the main goal for central banks, and monetary policy is how they achieve it. However, societies are always in flux, and central bankers who pay close attention to emerging trends are more likely to make better policy decisions. Before becoming Governor in 2022, Mr. Rhee held several high-level roles in global financial institutions, including the IMF.

While the volatility of digital currencies like Bitcoin has kept it out of traditional banking systems, stablecoin is gaining ground in the race for a suitable digital counterpart to fiat currency. Dante Disparte heads strategy and global policy at Circle, which issues two of the world's most widely traded stablecoins. In this podcast, he says stablecoin money can help overcome some of the inefficiencies of the traditional banking system.