Systematic “rule-like” approaches should be implemented in bad times and good times, Federal Reserve Bank of Philadelphia president Charles I. Plosser said.

“Good policy — and by that I mean policy that is clearly defined and systematically followed — should apply in good times as well as in tough times,” Plosser said in a speech at Stanford University late Tuesday, according to prepared text released by the Fed.

“I do not mean that policy actions should necessarily be the same in both good and bad economic times,” he said. “Yet, in each environment, we should conduct policy in a systematic way, one that is consistent, transparent, and largely predictable.”

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