Williams outlines three key features for monetary policy: consistent strategy, readiness to act, and disciplined adaptation to changing conditions.
“Third, it implies being clear-eyed and disciplined in adapting to and communicating the changing economic landscape and resulting policy trade-offs and decisions.”
Williams argues unconventional policies are within the long tradition of monetary theory, not emergency measures.
“These are not “emergency,” “crisis,” or “break-the-glass” policies, but those that are well within the long tradition of monetary theory and practice.”