Rules Versus Discretion : Making a Monetary Rule Operational
نویسندگان
چکیده
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 analyze pollcles on the contlnuum between a pure rule and pure discret~on Recent changes In the operallng procedure ~lluslrate how actual pallcy has varled w ~ t h ~ n th~s contlnuum
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