DALLAS (Reuters) - Federal Reserve Bank of Dallas President Richard Fisher did not comment on current monetary policy or the economic outlook in opening remarks at a conference.
Fisher delivered welcoming remarks before the Dallas Fed conference, “John Taylor’s Contributions to Monetary Theory and Policy,” and he praised Taylor’s work in both academia and the government.
Taylor, a professor at Stanford University, served at the U.S. Treasury during the years 2001-2005.
He gained renown as the author of the “Taylor rule,” which offers a relatively simple guideline for how central banks should set interest rates based on a target rate of inflation and the interest rate that would represent “neutral” monetary policy, that is, a level of interest rates that is not skewed to lowering inflation or boosting economic growth.
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