Search Results for: Policy rules

Benefits of Comparing Policy with Reference Rules

In a recent VOX article, Henrike Michaelis and Volker Wieland write favorably about the approach taken by Fed Chair Janet Yellen in a recent speech where she compares recent Fed policy actions with several monetary policy rules—including the Taylor rule—much … Continue reading

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New Conference on Fed and Rules-Based Policy: A Preview

Today starts a two day conference at Stanford’s Hoover Institution on monetary policy. It’s part of the Fed Centennial. Here is the full agenda which includes talks and commentary by Esther George, Tom Sargent, Charles Plosser,  John Williams, Jeff Lacker, Ed … Continue reading

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Don Kohn on Rules-Based Monetary Policy

President Obama just widened the race for Fed chair. Up on Capitol Hill he mentioned Don Kohn along with Larry Summers and Janet Yellen. So we should widen the hunt for things that Don has said that help answer the … Continue reading

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About Rules-Based Monetary Policy: Summers versus Yellen

The financial press has narrowed down the race for the next Fed Chair to Larry Summers and Janet Yellen. Though there are other candidates with Democratic credentials, such as Alan Blinder and Tim Geithner, most stories are about a pairwise … Continue reading

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Play By The Rules

Federal Reserve Chair Jerome Powell’s testimony at the House and Senate this week again had much to say about monetary policy rules. The focus on policy rules is encouraging, as it is a way to both get back on track … Continue reading

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Monetary Policy Got Behind the Curve, How to Get Back

On Friday May 6, we held our annual Monetary Policy Conference at the Hoover Institution at Stanford. This year it was entitled: “How Monetary Policy Got Behind the Curve and How to Get Back,” and the title turned out to … Continue reading

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A New-Old Critique of Monetary Policy

Today, John Cochrane, Mickey Levy, Kevin Warsh & I spoke at a roundtable discussion on the Fed’s monetary policy at the Hoover Economic Policy Working Group. Cochrane talked about the fiscal side, Levy about the best inflation measures, Warsh about … Continue reading

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“The Most Reckless Monetary Policy Since Arthur Burns”

Today the Editorial Board of the Wall Street Journal wrote that the Federal Open Market Committee has shown “little interest in reeling in what has been the most reckless monetary policy since Arthur Burns roamed the Eccles Building.” Last month … Continue reading

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Monetary Policy a Half Century Ago, and Now

Today I  published an article in Project Syndicate. It starts with a memo sent fifty years ago, on June 22, 1971, by Fed Chair Arthur Burns to President Richard Nixon. Inflation was rising and Burns wrote to Nixon that the … Continue reading

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Time for a Reentry to a Monetary Policy Strategy

In a new paper I examine the ways for the Fed to engage in a reentry to a rules-based monetary policy. For several years, starting around 2017, the Fed had begun to move to a rules-based monetary policy that had … Continue reading

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