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John B. Taylor, the Mary and Robert Raymond Professor of Economics at Stanford University, leads a session “Rules Versus Discretion: Assessing the Debate Over the Conduct of Monetary Policy” during the Boston Fed’s 61st economic conference. Taylor discussed conducting monetary policy through a rules-based approach compared to a discretionary policy. Peter Davis/Federal Reserve Bank of Boston

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Boston Fed President Eric Rosengren and Policy Analyst Emily Freeman listen to proceedings on the first day of the Bank’s 61th Economic Conference. Day one of the conference featured remarks from researchers representing a wide range of institutions, including Stanford University, Brookings Institute, University of Minnesota, Stockholm School of Economics, and the University of Chile, among others. Peter Davis/Federal Reserve Bank of Boston

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Federal Reserve Bank of Kansas City President and CEO Esther George converses with fellow conference participant and Boston Fed Board member, Michael Tucker. President George was among three Reserve Bank presidents, other economists, central bankers, and educators to attend the Boston Fed’s 2017 economic conference on discretion and monetary policy rules. Steve Osemwenkhae/Federal Reserve Bank of Boston

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Boston Fed Senior Economist and Policy Advisor Christina Wang listens during the discussant portion of a session at the Bank’s 2017 economic conference. The two-day conference focused on the debate over the conduct of monetary policy. Steve Osemwenkhae/Federal Reserve Bank of Boston

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Lars E.O. Svensson, professor at the Stockholm School of Economics, leads a session at Boston Fed’s 61st economic conference focused on monetary policy rules versus discretion. Svensson presented his paper “What Rule for the Federal Reserve?” that argues the most appropriate rule for the Federal Reserve would be forecast targeting. Steve Osemwenkhae/Federal Reserve Bank of Boston

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University of Minnesota Paul Franzel Land Grant Professor of Liberal Arts Varadarajan V. Chari reacts to a presentation on the first day of the Boston Fed’s 61st economic conference. Professor Chari was also a discussant during a session focused on issues the Federal Reserve would face if it were to explicitly adopt a rules-based policy. Steve Osemwenkhae/Federal Reserve Bank of Boston