Events

Getting Rules into Policymakers' Hands: A Review of Rules-Based Macro Policy

Hosted by the Centre for Macroeconomics and the Financial Markets Group, LSE

Room OLD 3.21, Old Building

Speakers

Mario Marcel

Mario Marcel

Governor of the Central Bank of Chile

Ricardo Reis (Discussant)

Ricardo Reis (Discussant)

Arthur Williams Phillips Professor of Economics, LSE and CFM

Chair

Dimitri Vayanos

Dimitri Vayanos

Professor of Finance, FMG Director, LSE

There is a long-running debate among economists as to whether macroeconomic policy decisions should follow pre-defined rules or be left to the discretion of policy-makers.

This lecture first compares the reasons and risks behind choosing one or another policy approach, exemplifying with the cases of monetary and fiscal policy frameworks. A special focus is given to disentangle the reasons on why monetary policy rules are more complied with than fiscal rules. The lecture deconstructs macro policy rules first to then interrogate the evidence and distil lessons from practice in emerging economies, focusing on Chile in particular.

This event is by invitation only.