Monetary Rules

Edward M. Gramlich

Eastern Economic Journal, 1998, vol. 24, issue 2, pages 127-136

Abstract: The question of whether the Federal Reserve Board should use rules in the conduct of monetary policy is almost as old as the Fed itself. For a brief time in the Fed's history it used a policy-making rule based on monetary aggregates, and today many are suggesting that it use a rule based on the federal funds rate. Other countries have used policy-making rules that are based on explicit inflation targets. While at this moment the Fed is an institution where members vote on monetary policy using their own best judgment, the issues illustrated in discussing the question of rules are still interesting and controversial.

Keywords: Fed; Federal Reserve Board; Fund; Monetary Policy; Monetary; Policy Making; Policy (search for similar items in EconPapers)
JEL-codes: E52 E58 (search for similar items in EconPapers)
Date: 1998

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