Taylor on reawakening of monetary policy research

John Taylor, writing on his Economics One blog on last week's monetary policy conference at Stanford's Hoover Institution:

In contrast to the frequent focus on exchange rate interventions and capital flow management at many other international meetings recently, this conference focused more on the need for a classic rules-based reform of the international monetary system.

While there is no way to summarize a main finding of the conference, George Shultz commented that he heard a wide consensus for a rules-based monetary policy and international system, about which no one disagreed, though differences of opinion about which rule is best were heard throughout the day.

Topics such as "Monetary Policy Indepedendence under Flexible Exchange Rates" or "The International Impact of the Fed When the U.S. Is Banker to the World" are likely to be of interest to a range of central bankers.