| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15976 |
| DP15976 On the Evolution of the Rules versus Discretion Debate | |
| Harris Dellas; George Tavlas | |
| 发表日期 | 2021-03-28 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We discuss the evolution of the debate on policy rules vs discretion. Doctrinal historians place the starting point of the debate in the nineteenth-century controversy between the Currency and Banking Schools in Britain. We establish that this controversy was not about discretion but about the degree of activism under a single rule -- that of the gold standard. The rules vs discretion issue originated with Henry Simons and the Chicago School in the 1930s, and came to center stage following the Great Inflation in the 1970s. Both the 1930s and 1970s literatures were triggered by monetary-policy failures. The modern literature’s main innovations concern its (1) comparison of discretion to optimal policy rather than just to rules, (2) shift of focus to benevolent governments that lack commitment, (3) demonstration of discretion’s inefficiencies in both stochastic and deterministic environments, and (4) support of activistic policy rules. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Rules versus discretion monetary policy Modern debate Chicago school Currency school Banking school |
| URL | https://cepr.org/publications/dp15976 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/544964 |
| 推荐引用方式 GB/T 7714 | Harris Dellas,George Tavlas. DP15976 On the Evolution of the Rules versus Discretion Debate. 2021. |
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