Defending central bank independence

Richard W. Fisher

No 33, Speeches and Essays from Federal Reserve Bank of Dallas

Abstract: \"Monetary policy acts with a lag. I liken it to a good single malt whiskey or perhaps truly great tequila: It takes time before you feel its full effect. The Fed has to be very careful now to add just the right amount of stimulus to the punchbowl without mixing in the potential to juice up inflation once the effect of the new punch kicks in.\" ; Remarks at Instituto Tecnologico Autonomo de Mexico, Mexico City, Mexico, February 7, 2008.

Keywords: Federal Reserve System - Independence; Banks and banking, Central; Monetary policy (search for similar items in EconPapers)
Date: 2008
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