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The importance of rules-based monetary policy in practice

Author

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  • Shultz, George P.

Abstract

This paper draws on several actual policy experiences of the author to demonstrate why it is important to have a rules-based monetary policy. These experiences show that policy rules provide a needed “steady as you go” strategy and serve as an insurance against excessive intervention. They also show why in practice one must consider rules-based policy in the broader policy context in which the Federal Reserve operates.

Suggested Citation

  • Shultz, George P., 2014. "The importance of rules-based monetary policy in practice," Journal of Economic Dynamics and Control, Elsevier, vol. 49(C), pages 142-143.
    • Handle: RePEc:eee:dyncon:v:49:y:2014:i:c:p:142-143
    DOI: 10.1016/j.jedc.2014.09.012
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    Cited by:

    1. Sargent, Thomas J., 2014. "The evolution of monetary policy rules," Journal of Economic Dynamics and Control, Elsevier, vol. 49(C), pages 147-150.

    More about this item

    Keywords

    Monetary policy; Taylor rule; Bailout; Wage and price controls;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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