HKS Affiliated Authors
Aetna Professor of the Practice of Economic Policy
Excerpt
Excerpt
December 25, 2024, Opinion: 'The Federal Reserve’s decision to cut rates in December is puzzling yet also illuminating. It has given me greater appreciation for the many virtues of monetary-policy rules. I’m not ready to turn such decisions over to a computer, but the humans in charge of the central bank should be required to establish consistent operational principles and explain their reasoning when they depart from them."