07 Jun Question Q1. What would be the benefits (list at leas
Question
Q1. What would be the benefits (list at least two) if Congress legislates for the Fed to follow a pre-specified rule such as “Taylor rule”?
Q2. What were the benefits/reasons (list at least two) when the Fed did not stick to the monetary policy rule and had discretion during the Great Recession?
You might need to read the following sources to get answer:
Bernanke (2015), “The Taylor Rule: A benchmark for monetary policy?”
http://www.brookings.edu/blogs/ben-bernanke/posts/2015/04/28-taylor-rule-monetary-policy
Taylor (2015), “Taylor on Bernanke: Monetary Rules Work Better Than “Constrained Discretion”
http://www.wsj.com/articles/taylor-on-bernanke-monetary-rules-work-better-than-constrained-discretion-1430607377
Taylor on Bernanke: Monetary Rules Work Better Than Constrained Discretion – WSJ
8/16/15, 5:57 PM
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http://www.wsj.com/articles/taylor-on-bernanke-monetary-rules-work-better-than-constrained-discretion-1430607377
OPINION | COMMENTARY
Taylor on Bernanke: Monetary Rules
Work Better Than Constrained
Discretion
We have had a serious financial crisis, a very deep recession, a not-so-great recovery, and
now a virtually strategy-free international monetary system. This is not a good record.
Former Federal Reserve Chairman Ben Bernanke PHOTO: REUTERS/KEVIN LAMARQUE
By JOHN B. TAYLOR
May 2, 2015 6:56 p.m. ET
In a recent blog post Ben Bernanke criticized the use of rules-based
monetary policy in which the central bank endeavors to set the
instruments of policy in a predictable rule-like manner.
The post attracted a lot of attention, but this is not the first time Ben
has criticized rules-based monetary policy. Soon after he joined the
Federal Reserve Board he gave his constrained discretion speech in
2003 criticizing such policies, focusing his criticism on Milton
Friedmans well-known rule for the money supply. His recent
http://www.wsj.com/articles/taylor-on-bernanke-monetary-rules-woan-constrained-discretion-1430607377?
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