The Lucas-Sargent critique calls into serious question Keynesian discretionary policy.
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Ronald Reagan explicitly scraped Keynesian discretionary monetary policy in favor of the Fed focusing on a stable dollar without inflation as its mission.
Nowhere has Obama proposed any sort of reform of the runaway Fed, with its discretionary monetary policy that has not worked, and can never work.
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As a practical prescription for improving the economy, the empirical evidence is clear in my view that discretionary Keynesian policy does not work and the experience of the past three years confirms this view.
Finally, House Republicans should pass legislation removing the discretionary monetary policy powers of the Federal Reserve, mandating it to conduct monetary policy in accordance with a price rule following market prices for gold, silver, oil and other commodities.
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During the next decade, the Fed returned to Keynesian discretionary monetary policy, trying to steer the real economy to long term growth by manipulating interest rates, loosening when the economy seemed to turn down, tightening when this seemed to go too far and inflation started to rise.
In a statement Northumberland County Council said it had reviewed its discretionary rate relief policy and made some small changes to the assessment criteria, in consultation with voluntary sector representatives.
It said its analysis showed extra funding from government to provide "discretionary payments" to families hit by the policy would only protect 10% of the disabled people affected.
Regulatory policy could also be adjusted in a discretionary way over the cycle.
Any decision the government makes about how its right of way will be used refusing to let anyone dig up the streets, allowing everyone to dig up the streets, or any policy in between is going to involve discretionary actions on the part of government officials.
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The two respective central banks also would be statutorily stripped of their discretionary monetary authority and relieved of their ill-considered responsibility to manipulate monetary policy in pursuit of full employment.
For those who have some policy space about letting automatic stabilizers do their work, about using discretionary measures, you will see good language in there, again, about how those surplus economies really need to take concrete actions to shift to more domestic demand-led growth, including by using exchange rates, but also by using domestic measures.
By contrast, defence only one part of the foreign policy equation, but a vital one accounts for about half of discretionary federal spending.
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