Getting rules into policymakers’ hands: a review of rules-based macro policy
Macroeconomic policy decisions have profound implications for our economies, and there is a long-running debate among economists as to whether these decisions should follow pre-defined rules or be left to the discretion of policymakers. Following rules provides reduced economic uncertainty, because the economic actors are able to form expectations as to how policymakers will behave. But how do we know which rules are the ‘right’ ones? And are policymakers able to credibly commit to sticking to the rules? The argument for discretion is that it allows policymakers wide latitude to design the best policy response for the given circumstances. But is this the best policy?

In this lecture Chile’s central bank governor will interrogate the evidence and distil lessons from practice in emerging economies, focusing on Chile in particular.
Date: 22 May 2018, 12:00
Venue: Blavatnik School of Government, Radcliffe Observatory Quarter OX2 6GG
Speaker: Mario Marcel Cullell (Central Bank of Chile)
Organising department: Blavatnik School of Government
Organiser contact email address: events@bsg.ox.ac.uk
Topics:
Booking required?: Required
Booking url: https://www.bsg.ox.ac.uk/events/getting-rules-policymakers%E2%80%99-hands-review-rules-based-macro-policy
Audience: Public
Editor: Lucy Forsyth