A monetary policy rule is nothing more than a systematic decision-making process that uses information in a consistent and predictable way. In this article, Federal Reserve Bank of St. Louis President, William Poole, critically examines past instances when policy failed to deliver price...

After a brief review of key developments in application of monetary theory to policy analysis, Bennett T. McCallum describes the central aspects of the typical framework used to analyze monetary policy rules. He reviews the methods used to study the effects of policy behavior and provides an...