Reflections on Monetary Policy

Alfred Broaddus

Speech from Federal Reserve Bank of Richmond

Abstract: It is a pleasure and indeed an honor to be with you this evening. I must confess that when I recall the long line of distinguished economists who have delivered the Sandridge lecture, I wonder whether I am really worthy of this opportunity. But in any case I am grateful for it and will strive to make the most of it. I have worked at the Federal Reserve Bank of Richmond for just about a quarter of a century, and for virtually all of that time I have been involved in one way or another in the formation of monetary policy. For most of that period I was an advisor to the president of the Richmond Fed, and for the last two years I have served as president myself. Given this background, I believe the most useful thing I can probably do this evening is to make a few remarks about monetary policy and some of the major issues the Fed is facing in conducting policy currently, in the context of my experience with the policymaking process over the years.

Date: 1995-03-16
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