The shift from reliance on specialized portfolio lenders financed by deposits to a greater use of capital markets represented the second great sea change in mortgage finance, equaled in importance only by the events of the New Deal. Government actions had considerable influence in shaping this second revolution.
In order to determine such a robust policy rule, we have to take two decisions: The first is on the set of models which should be taken into account. And the second is how to weigh the results these models  1  McCalllum, B. (1997) „Comment“ in : Bernanke, B.S. and Rotemberg, J.J. (Eds. ), NBER Macroeconomics Annual, 1997. The MIT Press.