Maybe a computer could replace the Fed's Janet Yellen?

Economist Milton Friedman was in favor of replacing the Federal Reserve with a computer. Maybe he was on to something. To the contrary, as a monetarist he wanted the Fed to increase the stock of money at a constant, 3%-5% rate a year, a task he thought a computer quite capable of performing. The Fed's lagged response to the 2008 financial crisis and an anemic recovery since then have given a new sense of urgency to the quest for a monetary rule or rules. For economists, the main benefit of a rule is to make monetary policy transparent and predictable. Everyone knows where the ship is headed and can plan accordingly.