On the recordFebruary 24, 2015
Operating monetary policy by mechanically following a policy rule is not practical.
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congress.govOperating monetary policy by mechanically following a policy rule is not practical.
Yellen references Professor Taylor's view on the impracticality of strict monetary policy rules.
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Thank you for inviting me to join you today, and I would also like to thank you for your leadership of this subcommittee and support of the Treasury Department.