It is a pleasure to be asked to comment upon Lars Svensson’s thoughtful and ambitious paper, though it raises far too many issues for me to attempt to address them all in the limited time available here. Svensson offers a thorough review of the recent scholarly literature on the conduct of monetary policy, and also reviews one of the most important recent developments in central bank practice as well, namely the evolving methodology of “inflation forecast targeting.” In my own remarks, I would like to develop further a single theme, which is the advantage of central bank commitment to a systematic approach to monetary policy. This theme also figures in Svensson’s discussion, but I believe that its consequences extend even further than he indicates.
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