The importance of rules-based monetary policy in practice

This paper draws on several actual policy experiences of the author to demonstrate why it is important to have a rules-based monetary policy. These experiences show that policy rules provide a needed “steady as you go” strategy and serve as an insurance against excessive intervention. They also show why in practice one must consider rules-based policy in the broader policy context in which the Federal Reserve operates.

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Year of publication:	2014
Authors:	Shultz, George P.
Published in:	Journal of Economic Dynamics and Control. - Elsevier, ISSN 0165-1889. - Vol. 49.2014, C, p. 142-143
Publisher:	Elsevier
Subject:	Monetary policy \| Taylor rule \| Bailout \| Wage and price controls

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Type of publication:	Article
Classification:	E52 - Monetary Policy (Targets, Instruments, and Effects) ; E58 - Central Banks and Their Policies
Source:	RePEc - Research Papers in Economics

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