A proposal to clarify the objectives and strategy of monetary policy

Robert L. Hetzel

Journal of Macroeconomics, 2017, vol. 54, issue PA, 72-89

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. The essence of the proposal is to replace the forecasts of the individual participants at FOMC meetings now contained in the Summary of Economic Projections with a consensus FOMC forecast accompanied by commentary on the strategy for monetary policy underlying the forecast.

JEL-codes: E52 E58 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jmacro:v:54:y:2017:i:pa:p:72-89

DOI: 10.1016/j.jmacro.2017.03.004

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