The article argues that the Federal Reserve's recent rate hike decision, while justifiable on inflation grounds, highlights a critical lack of an underlying, transparent policy framework. The core problem is that the Fed's decisions appear discretionary, leading to market uncertainty because the committee's judgment, rather than clear data, dictates policy shifts. The author proposes that the Fed adopt a formal monetary policy rule—an algebraic formula linking the target rate to indicators like inflation and unemployment—to replace subjective guidance. Implementing such a rule would provide market predictability, enhance transparency, and shield the Fed from political attacks by making deviations from the standard easily quantifiable.
Technical Documentation for the Twelfth American School District Panel Survey
English Summary
This technical documentation describes the American School District Panel's (ASDP) fall 2025 methodology refresh, expanding the survey frame from pre-selected districts to all 12,274 U.S. public school districts, with 345 responding (2.8% response rate). The weighting process was revised to account for nonresponse bias rather than selection probability, using district enrollment, geographic, demographic, and poverty data from federal sources to create nationally representative weights. These methodological improvements ensure that the ASDP—a biannual survey of K-12 school district leaders—produces reliable insights into district-level education policy priorities and challenges.
中文摘要
本技術文件描述了美國學區面板（ASDP）2025年秋季方法論的更新，將調查框架從預先選定的學區擴展至全部12,274個美國公立學區，共有345個學區回應（回應率為2.8%）。加權過程經過修訂，以考慮無回應偏差而非選擇概率，利用來自聯邦資料來源的學區招生人數、地理、人口統計和貧困資料，建立全國代表性的權重。這些方法論上的改進確保了ASDP——一項兩年一次針對K-12學區領導的調查——能夠為瞭解學區層級的教育政策優先事項和挑戰提供可靠的洞察。
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