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Federal Reserve Bank of San Francisco
FRBSF Economic Letter
Rules of engagement
John C. Williams
Abstract

The Federal Reserve uses a number of approaches to inform its policy decisions—they’re all insightful, they’re all useful, and they’re all a part of the debate. But none is absolutely fail-safe. The idea that policymakers should follow only one approach without deviation is ill-advised. An abundance of perspectives is fundamental to the Fed’s success. The following is adapted from a presentation by the president and CEO of the Federal Reserve Bank of San Francisco to New York University Stern School of Business in New York on February 25.


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John C. Williams, "Rules of engagement" , Federal Reserve Bank of San Francisco, FRBSF Economic Letter, number 06, 2016.
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