Arguments for a “rules based” Fed are gaining momentum on both the political Left and Right— and even among some libertarians. Would the adoption of ideas like NGDP targeting and the “Taylor Rule” really make make the Fed less dangerous? Would they be an improvement on the Fed’s current discretionary approach? Can monetary “rules” really contain booms and busts, or would Yellen and Co. simply break them at the first sign of the next crash? Professor Peter Klein joins Jeff to discuss.