Current Challenges for U.S. Monetary Policy

Alfred Broaddus

Speech from Federal Reserve Bank of Richmond

Abstract: It is a pleasure and an honor to be invited to participate in this conference. I last visited Vienna in 1962, when I was a Fulbright scholar at the University of Strasbourg in France. Needless to say, Vienna has maintained its appearance much more successfully in the intervening years than I have, but I am very happy to have this opportunity to return nonetheless. Let me offer a few of my views regarding the challenges facing U.S. monetary policymakers currently. Notice that I said challenges we're confronting 'currently' rather than 'in the new economy' or 'in the new economic paradigm.' In this regard, some of you may have seen the comments about paradigms by my friend and colleague Bob McTeer, president of the Dallas Fed, in his Bank's current Annual Report. Bob points out that if you want to cook a frog, which I gather some people do, you don't just throw it into a pot of boiling water because it will jump out. Instead, you put it into a pot of cold water and slowly increase the heat, since it won't realize its paradigm is shifting.

Date: 2000-06-15
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