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Comments on ‘Rules, Discretion and Reputation in a Model of Monetary Policy’ by R.J. Barro and D.B. Gordon.
Comments on ‘Rules, Discretion and Reputation in a Model of Monetary Policy’ by R.J. Barro and D.B. Gordon.
Discretion Versus Policy Rules in Practice.
Aldrich blamed the Federal Reserve’s easy-money policies of the 1920s for helping to cause the Great Depression. In the late ’40s, he was concerned that the Fed would monetize the enormous World War...
This lecture starts with a review of historical trends in the balance between rules and discretion: first toward more discretionary policies in the 1960s and 1970s; second toward more rules-based po...
This lecture examines monetary policy during the past three decades. It documents two contrasting eras: first a Rules-Based Era from 1985 to 2003 and second an Ad Hoc Era from 2003 to the present. D...
Looking back at actual U.S. macroeconomic policy during this period, I see major swings in the balance between rules and discretion, first away from discretion toward rules-based policies and then b...
Homophily in social relations is widely documented. We know that homophily results from both individual preferences and uneven opportunities for interaction, but how these two mechanisms interact in f...

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