The Fed loves operating under a "constrained discretion" framework becasuse it lets central bankers decide when to follow their own rules. Read more at The Hill [3].
Links[1] https://www.mercatus.org/external-people/alexander-william-salter [2] https://www.mercatus.org/external-people/daniel-j-smith [3] https://thehill.com/opinion/finance/522276-to-fix-the-fed-we-need-true-monetary-rules
To Fix the Fed, We Need True Monetary Rules
Alexander William Salter [1]
Daniel J. Smith [2]
The Fed loves operating under a "constrained discretion" framework becasuse it lets central bankers decide when to follow their own rules. Read more at The Hill [3].