Discretion Versus Policy Rules in Practice

Discretion versus policy rules in practice John B. Taylor* Stanford University, Stanford, CA 94905 Abstract This paper examines how recent econometric policy evaluation research on monetary policy rules can be applied in a practical policymaking environment. According to this research, good policy rules typically call for changes in the federal

  Rules, Policy, Practices, Versus, Discretion, Policy rules, Discretion versus policy rules in practice