In other words, it's not so simple to use simple rules! References Orphanides, Athanasios (2003). "The Quest for Prosperity without Inflation," Journal of Monetary Economics, vol. 50 (April), pp. 633-63. Poole, William (2007). "Understanding the Fed," Federal Reserve Bank of St. Louis, Review, vol. 89 (January/February), pp. 3-14. Taylor, John B. (1993).
"Discretion versus Policy Rules in Practice," Carnegie-Rochester Conference Series on Public Policy, vol. 39, pp. 195-214. _________ (2007). "Housing and Monetary Policy," speech delivered at "Housing, Housing Finance, and Monetary Policy," a symposium sponsored by the Federal Reserve Bank of Kansas City, held in Jackson Hole, Wyo., August 30-September 1. BIS Review 116/2007  7