Unfathomable Monetary Policy Parameters

While Stanley Fischer defended central bank discretion, John Williams, of the San Francisco Fed defended a change in the monetary framework and strategy, arguing for a change in the monetary policy target, from inflation targeting to price level targeting: It’s been said that “getting over a painful experience is much like crossing monkey bars. You have to let go at some point in order to move forward.” Now that we’ve gotten the monkey of the recession off our backs, we have the luxury of being able to look to the future. This presents us with the opportunity to ask ourselves whether…

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