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Progress and ConfusionThe State of Macroeconomic Policy$
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Olivier Blanchard, Raghuram G. Rajan, Kenneth S. Rogoff, and Lawrence H. Summers

Print publication date: 2016

Print ISBN-13: 9780262034623

Published to MIT Press Scholarship Online: January 2017

DOI: 10.7551/mitpress/9780262034623.001.0001

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PRINTED FROM MIT PRESS SCHOLARSHIP ONLINE (www.mitpress.universitypressscholarship.com). (c) Copyright The MIT Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MITSO for personal use.date: 24 September 2021

A Monetary Policy for the Future

A Monetary Policy for the Future

(p.135) 14 A Monetary Policy for the Future
Progress and Confusion

John B. Taylor

The MIT Press

The chapter argues that central banks should renormalize monetary policy. It makes the case that the Federal Reserve, followed by other central banks, has been deviating from rules-based monetary policy in recent years, which has affected the performance of the economy and has led to complaints about spillovers and beggar thy neighbor policies. The chapter argues that some legislating backing, requiring the Fed to describe its strategy or rule for adjusting its policy instrument, would help with policy normalization.

Keywords:   monetary policy, policy re-normalization, rules-based policy, legislative backing

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