The Federal Reserve doesn’t need to adopt a “Monetary Policy Rule.” Not only would the central bank shed the pretense of rules-based constraints on its power during times of upheaval and uncertainty ...

We estimate perceptions about the Federal Reserve’s monetary policy rule from panel data on professional forecasts of interest rates and macroeconomic conditions. The perceived dependence of the ...

In any meeting of monetary policymakers, uncertainty is likely to play an important role in their deliberations. According to Alan Greenspan (2003), “Uncertainty is not just an important feature of ...