Hammack: The Outlook for the Economy and Monetary Policy

From clevelandfed.org

My thanks to the Hoover Institution for inviting me to speak on this esteemed panel. It’s great to be back at my alma mater. I am especially grateful that yesterday I was able to join the celebration in honor of John Taylor. When we experience uncertain economic times with a wide range of possible paths for the economy, simple policy rules provide a good starting point for assessing how monetary policy may wish to respond in different scenarios. The Cleveland Fed’s website has a section that looks at federal funds rate projections based on seven simple policy rules and multiple forecasts, including the rule that ... (full story)