A monetary policy rule is superior to discretionary monetary policy because rule keeps inflation expectations anchored.
The country's banking system is run by the Federal Reserve. Implementing monetary policy is a part of its mission to fulfill the congressional mandate of maximum employment and price stability.
This "dual mission" is carried out by the Federal Open Market Committee (FOMC), which regulates the Fed's monetary policy.
The FOMC meets eight times year to discuss and decide on the direction that monetary policy should go in order to impact employment and average prices.
To learn more about Federal Open Market Committee here
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