See, for example, Blinder and Morgan (2005); Lombardelli, Proudman, and Talbot (2005); and Warsh (2016). - 11 Keynesian approaches, to monetary targeting, to the modern frameworks of inflation targeting and the dual mandate of the Fed, and more. We should not make our monetary policy decisions based on that assumption.
Rather, we need our policymakers to be continually on the lookout for structural changes in the economy and for disturbances to the economy that come from hitherto unexpected sources. Concluding Remarks Let me now sum up. The prescriptions of monetary policy rules play a prominent role in the FOMC’s monetary policy deliberations.