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Frederic Mishkin | Source | Alfred Lerner Professor of Banking and Financial Institutions at Columbia Uni...
Frederic Mishkin
Alfred Lerner Professor of Banking and Financial Institutions at Columbia University
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Columbia University
Alfred Lerner Professor of Banking and Financial Institutions
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New Fed Research Calls for Constraining Discretion in Setting Monetary Policy
NEW YORK, July 16, 2019 /PRNewswire/ -- For nearly three decades, economists have long presumed that the Federal Reserve and global central banks must make a choice between setting a rigid monetary rule or taking discretionary action as economic conditions change.
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With the right kind of transparency, constrained discretion would allow the Fed to get the benefits of adopting a rule to focus on the long-term economic outlook while also enabling a lot of discretion.
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