John and I have spent countless hours discussing how the Federal Reserve arrives at decisions about monetary policy and how it should arrive at decisions. Those conversations began in earnest in the late 1980s, when John was on the Council of Economic Advisers, and they have continued to the present day.
They have occurred not only in offices and classrooms in Washington and Stanford and at numerous conferences around the globe, but also around dinner tables in Washington and Palo Alto and on hiking trails from Vermont to Wyoming.