“Debate It!”: Monetary policy – Rules Versus Discretion. Please respond to the following:There is an ongoing theoretical debate concerning the pros and cons of having monetary policy determined by rules or discretion. Take a position in this debate. As a starter, consider the following analogy: Some schools have an honor code, and the only penalty for cheating under the code is expulsion from the school. Other schools allow a jury trying cases of cheating to have discretion to determine an appropriate penalty.