Rules are Rules: Reconceiving Monetary Gold as a Rule of Procedure

Rules Versus Discretion : Making a Monetary Rule Operational

The auesllon of whether monetary pollcy should be conducled by mles known In advance lo all w by potlcymaker dlscrerm IS an endurlng debate This Daoer traces the evolul~on of rule advocacy from the time of the Federal Reserve Act and examlnes the problems asscc~ated w ~ l h mak~ng a rule operat~onal The author cmcludes that some degree of dlscrellon may be necessary and lhal 11 IS uselul to ana...

Local Rules of Procedure

Local Rules of Procedure

Local Rules of Procedure

Stabilization, Accommodation, and Monetary Rules

A central feature of the monetarist approach to the problem of inflation is a preannounced gradual reduction in monetary growth. This reduction is to be sustained until a monetary growth consistent with a zero, or an acceptably low, target rate of inflation is reached. Thereafter, monetary growth is to be held constant at this new rate. The specifics of this prescription differ by the type of m...