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If a monetary rule like the Taylor Rule is not a solution to the problem of the Fed, what is? Competition.
The Fed keeps hinting that it plans to raise the target rate more than once this year. But, the Fed's level of confidence is near zero.
The FedFinancial MarketsMoney and Banks
This year, our attention will be toward the Fed and central banks, as the world's financial elites try to navigate increasingly volatile waters.
The Fed says it can use a "neutral interest rate" to set policy. But, Fed economists don't understand how the neutral rate works.
At different times and in different places, Fed officials have changed their stories about whether or not bubbles can be seen before they pop.
Negative rates can work because the opportunity cost of holding physical cash is not zero. Abolishing large banknotes further increases the cost.
In his new book, central banker Mervyn King sometimes sounds like Murray Rothbard. But in the end he continues the problem of central banking control.