“Simple Rules for Monetary Policy (PDF),” Federal Reserve Bank of San Francisco, Economic Review, pp. 1-12. 1 I am grateful to Joseph Gruber and Ellen Meade of the Federal Reserve Board for their assistance. The views  expressed are mine and not necessarily those of the Federal Reserve Board or the Federal Open Market Committee.
2 Although the Federal Reserve was created in 1913, the institutional structure and governance that we have today  date from 1935. See Bordo (2016) and Wheelock (2000).