The debate is summarised in

Koenig, E., Leeson, R. and Kahn, G. 2012. eds. The Taylor Rule and the Transformation of Monetary Policy.  (Hoover Press: Stanford, California). 

See the introductory chapter and the chapters by Ben Bernanke and Robert Lucas. 

RL 

----- Original Message -----
From: "Anna de Bruyckere" <[log in to unmask]>
To: [log in to unmask]
Sent: Thursday, 14 February, 2013 12:18:25 AM
Subject: [SHOE] Rules vs discretion & time inconsistency

Dear all, 


I am trying to get a better historical and philosophical understanding of the rules vs discretion debate for economic policy, with the problem of time inconsistency as a central focus/argument for rule following rather than discretionary policy.  


I am currently looking for seminal contributions to that literature (Kydland & Prescott's 1977 'Rules rather than Discretion' being an obvious part of it), as well as for any historical or philosophical perspectives on it. With respect to the latter, it may be that I have not been searching very well, but I have mostly found just one piece, Argy's 1988 'A Post-War History of the Rules vs Discretion Debate' (which I read as a contribution to "Milton Friedman: Critical Assessments", 1990, eds. Wood and Woods). 


I'd be much obliged in case some of you would have suggestions on how to proceed. I will make sure to compile a summary of suggestions and share that on the list with you all. 


With my best wishes, 
Anna 




Anna de Bruyckere 
Darwin College 
Cambridge CB3 9EU 
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