Last May a group of economists, central bankers, market participants, and financial journalists convened at Stanford’s Hoover Institution “to put forth and discuss a set of policy recommendations that are consistent with and encourage a more rules-based policy for the Federal Reserve and would thus improve economic performance…” Here’s the agenda, the published volume, and my summary.
Since then much has happened: The House Financial Services Committee passed a policy rules bill out of committee, the Senate Banking Committee proposed a similar bill with other structural reforms (which also passed out of Committee), the Bank of England instituted significant communication reforms, a slew of economists and Fed officials weighed in (both pro and con) on proposals to make central bank policy rules more transparent, and Congress held several public hearings.
To analyze these new developments, many of the experts from last year’s conference and others convened last week…
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Utopia, you are standing in it! 
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