
Richmond Fed tries to bridge gap between rules and discretion
The Federal Reserve Bank of Richmond has lent support to the idea of setting monetary policy on the basis of a more transparent strategy, with a senior economist outlining a framework that steers between rules- and discretion-based approaches.
The Richmond Fed published a paper by Robert Hetzel on September 12, outlining a method for the Fed to be more explicit and systematic in setting policy, without ceding control completely to a mechanical rule.
Hetzel's idea is for the Federal Open Market
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