Bernanke on discretion and monetary policy

SPEECH - In the speech '"Constrained Discretion" and Monetary Policy' Ben Bernanke of the Federal Reserve said laid out the advantages of using a framework of constrained discretion for making monetary policy. The essence of constrained discretion, he said, is the central role of a commitment to price stability. "Not only does such a commitment enhance efficiency, employment, and economic growth in the long run, but--by providing an anchor for inflation expectations--it also improves the

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