Unfortunately, the science of monetary policy has not reached the point where we can specify a rule for setting policy and turn decision-making over to a computer. Judgment is still required. Nevertheless, I place a great deal of importance on systematic behavior both as prescription for good policy and in terms of my own policy deliberations.
1  Henry C. Simons, “Rules versus Authorities in Monetary Policy,” Journal of Political Economy, 44:1 (January 1936). 2  Finn E. Kydland and Edward C. Prescott, “Rules Rather than Discretion: The Inconsistency of Optimal Plans,” Journal of Political Economy, 85 (June 1977), pp. 473–91.