There is no official operating manual for members of the committee that identifies the guiding principles, no “official doctrine”. While the views I present here are my own perspectives on strategy, my purpose in this lecture is not to articulate a singular view of the strategy of monetary policy, but rather to shed light on some of the mystery about monetary policy.
A former Alan Homes Professor of Economics at Middlebury College and good friend, Dewey Daane, co-edited a book in honor of Alan Holmes, entitled The Art of Monetary Policy. In his forward to the book, William Simon called Alan Holmes a “monetary policy artist”.