Ben Bernanke's Eeyore Strategy by Yglesias
Charles Evans and friends on the Odyssean strategy
Circumstances will tempt the FOMC to renege on these promises precisely because the policy rule describes its preferred behavior. Hence this kind of forward guidance resembles Odysseus commanding his sailors to tie him to the ship's mast so that he can enjoy the Sirens' music.And a little meta-humor in the first footnote! Very David Foster Wallacian.