- 14 Rachel, Lukasz, and Lawrence H. Summers (2019). “On Falling Neutral Real Rates, Fiscal Policy, and the Risk of Secular Stagnation,” paper presented at the Brookings Papers on Economic Activity Conference, held at the Brookings Institution, Washington, March 7–8, https://www.brookings.edu/wpcontent/uploads/2019/03/On-Falling-Neutral-Real-Rates-Fiscal-Policy-and-theRisk-of-Secular-Stagnation.pdf. Romer, Christina D., and David H. Romer (2002). “A Rehabilitation of Monetary Policy in the 1950s,” American Economic Review, vol. 92 (May), pp.
Credibility was also at the center of my opposition to changing the forward policy guidance in August. I was concerned that tying monetary policy to calendar time could be misinterpreted by the public as suggesting that monetary policy is no longer contingent on how the economic outlook evolves.