Using such a framework, I show that both policy instruments have deviated from rules-based policy
in recent years.
As wage and spending pressures are rising, the program is at an important juncture and continued policy resolve is essential to secure lasting success and to safeguard the credibility of the new rules-based policy
Require the Fed to select a short-term, rules-based policy
. Ending discretionary monetary policy and moving the U.S.
In particular, we have seen varying degrees of adherence to rules-based policy
and varying degrees of central bank independence.
By applying an automated, rules-based policy
to all credit applications, credit professionals can now apply standardized terms while saving time and reducing the number of applications they need to review manually.
The Fed must turn its emphasis away from discretionary fine-tuning and firmly embrace a rules-based policy
that targets price stability, a sound dollar, and sustainable tong-term growth.
The system features include the heterogeneous zoning of multiple devices, automation of day-to-day tasks with a rules-based policy
engine, SAN device and fabric reporting capabilities, and ODBC data export functionality.--McDATA
IT also supports a rules-based policy
for batching of replication transactions.
Nevertheless, I do believe it is desirable for the Fed, in the context of the rules-based policy
, to lay out what it is trying to achieve and how it is trying to achieve it in a world of incomplete information, rapid structural change and inaccurate data.
In this article, I discuss the international aspects of monetary policy, a subject often glossed over in modern debates about rules-based policy
, at least compared with discussions about the classic rules-based gold standard.
This will increase the likelihood of staying with systematic, predictable, rules-based policy
that has worked well for most of the Great Moderation period.
(5) However, when the Fed reverted to a more-discretionary monetary policy around 2003, it held the interest rate well below the level implied by a rules-based policy
and, thus, sowed the seeds of the subsequent housing-market bubble and financial-market excesses, the financial crisis of 2007-08, and the Great Recession, beginning in 2007 (Taylor 2012).