Athanasios Orphanides on Real-Time Monetary Rules and their Impact on the Fed’s Framework Review
Macro Musings with David Beckworth
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Monetary Policy Under Pressure
This chapter examines the complexities of implementing monetary policy through the Taylor Rule and its challenges due to real-time data uncertainties. It explores the historical context of U.S. monetary decisions during the late 1960s and 70s, revealing how the Federal Reserve's focus on unemployment led to high inflation. The discussion underscores the evolution of monetary strategies, contrasting past and present approaches to effective economic management.
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