Swiss Economicblogs.org
In its July 2017 Monetary Policy Report, the Board of Governors of the Federal Reserve System discusses monetary policy rules. On pp. 36–38, the Board argues that [t]he small number of variables involved in policy rules makes them easy to use. However, the U.S. economy is highly complex, and these rules, by their very nature, do not capture that complexity. … Another issue related to the implementation of rules involves the measurement of the variables that drive the prescriptions...
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