Senior Resident Fellow Vivek Deheija on the need for the US Fed to move away from unconventional monetary policies towards fixed, rule-based inflation targeting. 

"This is not the place to rehearse the varied and boisterous academic debate on the merits, or otherwise, of the Taylor rule or of other rule-based approaches to monetary policy. What is most relevant for our purpose is the willingness to consider a departure from the doctrine, one might even say dogma, of discretionary monetary policy—albeit a policy which, in principle, has a rule-based objective (an inflation target) rather than a rule-based instrument (for instance, a Taylor rule)."

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