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.