Waiting for policy rules

Joseph Haubrich

Economic Commentary, 2000, issue Jan

Abstract: Should central bankers be free to decide what policy actions they will take and when they will take them, or should they agree to an explicit policy rule and stick to it? The discretion versus rules debate is an old one; unfortunately, it has rarely addressed the fact that the benefits of moving from one regime to the other depend on the timing of the move. This Economic Commentary explores the value of waiting to adopt rules and the way it is affected by uncertainty.

Keywords: Monetary; policy (search for similar items in EconPapers)
Date: 2000
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