Rules of engagement

John Williams

FRBSF Economic Letter, 2016

Abstract: The Federal Reserve uses a number of approaches to inform its policy decisions?they?re all insightful, they?re all useful, and they?re all a part of the debate. But none is absolutely fail-safe. The idea that policymakers should follow only one approach without deviation is ill-advised. An abundance of perspectives is fundamental to the Fed?s success. The following is adapted from a presentation by the president and CEO of the Federal Reserve Bank of San Francisco to New York University Stern School of Business in New York on February 25.

Date: 2016
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