Individually, it seems, most Fed officials accept the chief recommendation of monetary theorists, such as Michael Woodford of Columbia University, about how to conduct policy when the nominal federal funds rate is stuck at its zero lower bound. The problem they face rather explicitly, as Morgan Stanley's Vince Reinhart points out, is how to translate the advice from economic textbooks to the application of policy by the diverse group of people on the FOMC. Reinhart goes on to ask, rhetorically, if a conditional policy rule works so well in theory, why has it not been put into practice? Congress instructs the Fed to foster maximum employment and price stability but gives no guidance on weighing deviations from those goals in the short run. If the FOMC cannot agree on the weights, then they cannot agree on a rule. As a result, the Fed is living out a collective action problem, in that officials individually support a rule but collectively cannot agree to a single rule. This leaves Fed officials are now in the improvisation phase of their monetary policy experiment. That does not seem to us like a 'good' thing for the most powerful entity in the world.