Fischer on a panel in Stanford
- Sticking to simple rule not the best way to achieve goals
- Diverse views can help navigate policy uncertainty
- Rate-setting committee has strength policy rules lack
- Sees reasons FOMC might ignore policy rule prescription
Fischer builds a strawman agreement here. The Fed shouldn't be governed with a simple rule and that's not really the debate. It should be governed with a hyper-complex computer that can set rates with +100,000 inputs.
See: Automating the Federal Reserve would be glorious
Secondly, his comments on diversity are a joke. The Fed's definition of diversity of opinion is having various PhD economists from different Ivy league schools and Goldman Sachs.