A more fully articulated mandate could help ensure that policy remains well focused and disciplined as the leadership of the Fed changes. Facilitating the policymaking process The Fed staff routinely shows policymakers the prescriptions from several Taylor-rule type policy reaction functions and such a rule is explicitly incorporated into the Fed's large-scale model used for policy analysis.
2  BIS central bankers’ speeches  saw no merit in a central bank’s ex ante intervention to stem asset price developments, arguing that the policy interest rate was too blunt a tool to contain potential bubbles. 2. Central bank response to the crisis and “the new normal”  The central bank response to the crisis, by any metric, has been unprecedented.