During Voicker's presidency, the role of monetary aggregates as a guide to policy came under increasing public discussion. In this speech, Voicker discusses the advantages and pitfalls of a strategy of targeting monetary aggregates and alternative operating procedures. He argues that monetary...

Should monetary authorities rely primarily on rules or their own discretion in conducting monetary policy? The debate has recently been revived by researchers who claim that discretionary monetary policy tempts policy makers to exploit a short-run trade-off between output and inflation and...

This Economic Letter is adapted from a speech by Janet L. Yellen, president and chief executive officer of the Federal Reserve Bank of San Francisco, delivered via videoconference to the First Annual Conference of the U.C. Berkeley-National University of Singapore Risk Management Institute, on...