With the advent of big data and increased computing power, some people have advocated for monetary policy by algorithm. Basically, real time data are fed into a program that then determines monetary policy decisions. What are some potential benefits of this approach? It would enable Fed policy to respond flexibly to unforeseen economic developments. It would prevent the Fed from engineering potentially inflationary short‑term economic booms. Changes to monetary policy would be perfectly predictable.
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With the advent of big data and increased computing power, some people have advocated for monetary p...
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