Maintaining such a system ignores the institutional uncertainty brought about by not having a credible monetary rule. (alt-m.org)
In the present unconventional regime — with the absence of a competitively determined fed funds rate and a weak link between base money (i.e., currency in circulation plus bank reserves), broad monetary aggregates, and nominal GDP — the implementation of monetary rules such as the Taylor rule and a final demand rule would fail. (alt-m.org)
To impose more control, House GOP lawmakers pushed legislation that would require the Fed to follow a specific monetary rule in setting interest rates. (insurancenewsnet.com)