Improving Our Monetary Policy Strategy; 05.03.19, The Hoover Institution, Stanford University, Stanford, CA

Loretta Mester

No 109, Speech from Federal Reserve Bank of Cleveland

Abstract: The FOMC currently uses what has been called a flexible inflation-targeting framework to set monetary policy. It is briefly described in the FOMC?s statement on longer-run goals and monetary policy strategy.1 In my view, this framework has served the FOMC well in effectively promoting our policy goals. A milestone was reached in January 2012 when the U.S. adopted an explicit numerical inflation goal. I am certain that Charles remembers very well the careful analysis and discussions that helped the FOMC reach a consensus on the explicit 2 percent goal and the statement that describes the FOMC?s approach to setting policy to promote its congressionally mandated goals of price stability and maximum employment. The FOMC is currently reviewing its policy framework. I am very supportive of this initiative.

Pages: 12 pages
Date: 2019-05-03
New Economics Papers: this item is included in nep-bec, nep-mac and nep-mon
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