Monetary Policymaking in the Real World – Key Readings

Federal Reserve Vice-Chairman and former MIT economist Stanley Fischer’s take on monetary policymaking:

“I’d Rather Have Bob Solow Than an Econometric Model, But . . .”

https://www.federalreserve.gov/newsevents/speech/fischer20170211a.pdf

The Economic Outlook and the Conduct of Monetary Policy by Janet L. Yellen

https://www.federalreserve.gov/newsevents/speech/yellen20170119a.pdf

The Goals of Monetary Policy and How We Pursue Them by Janet L. Yellen

https://www.federalreserve.gov/newsevents/speech/yellen20170118a.pdf

Monetary Policy in a Time of Uncertainty by Governor Lael Brainard

https://www.federalreserve.gov/newsevents/speech/brainard20170117a.pdf

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Rules versus Discretion Debate

Minneapolis Fed President Neel Kashkari argues against mechanically following the Taylor Rule in a WSJ op-ed:

A Computer Can’t Do the Fed’s Job by NEEL KASHKARI

http://www.wsj.com/articles/a-computer-cant-do-the-feds-job-1482098343

Here is a link to my recent paper on the topic:

The Legislative Push to Mandate Rules-Based Monetary Policymaking in the US: The Latest Salvo in the Long-Running “Rules versus Discretion” Debate by Vivekanand Jayakumar

http://www.scirp.org/Journal/PaperInformation.aspx?PaperID=72991