A Proposal to Clarify the Objectives and Strategy of Monetary Policy

Robert L. Hetzel

No 16-11, Working Paper from Federal Reserve Bank of Richmond

Abstract: Academic economists have perennially made arguments for the conduct of monetary policy constrained by an explicit rule. These arguments have gone nowhere. This paper advances a proposal to clarify Fed objectives and strategy in order to facilitate discussion leading to consensus over a desirable rule. Economists are likely to have more success in their quest for a rule if they follow the indirect strategy of pushing the Fed for more transparency about the systematic character of policy.

JEL-codes: E52 E58 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2016-09-12
New Economics Papers: this item is included in nep-mac and nep-mon
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