Among these economists were Albert Ando and Franco Modigliani, who were then working with others on building the MPS (MIT-Pennsylvania-Social Science Research Council) model. 5 See Taylor (1993). -3Consideration of interest rate rules has also, as I will discuss, come to have a prominent role in FOMC discussions, with the Taylor rule being one benchmark that we regularly consult.
Capital stress testing for banks is not new but the Federal Reserve has employed it much more extensively since the crisis.