Optimal monetary policy design: rules versus discretion again

A. Steven Englander

Quarterly Review, 1990, vol. 15, issue Win, 65-79

Abstract: Should monetary authorities rely primarily on rules or their own discretion in conducting monetary policy? The debate has recently been revived by researchers who claim that discretionary monetary policy tempts policy makers to exploit a short-run trade-off between output and inflation and thereby leads to higher inflation expectations. This article evaluates the arguments advanced in support of these views and tests them against the empirical evidence.

Keywords: Monetary policy; Inflation (Finance) (search for similar items in EconPapers)
Date: 1990
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://www.newyorkfed.org/medialibrary/media/rese ... 5/v15n34article5.pdf Full Text (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fip:fednqr:y:1990:i:win:p:65-79:n:v.15no.3-4

Ordering information: This journal article can be ordered from

Access Statistics for this article

More articles in Quarterly Review from Federal Reserve Bank of New York Contact information at EDIRC.
Bibliographic data for series maintained by Gabriella Bucciarelli ().