I wish I had seen this in real time.

Perhaps now is too late, but I would question the need for the concept of "stance" and consequently how to identify it. I think it is sufficient to opine that the central bank should use one or more of it policy instruments to increase or decrease one or more of its objectives which in the US have been…

I have been running a book club on Scott Sumner’s ‘Alternative Approaches to Monetary Policy.’ This was the first installment