Preparing for the Next Storm: Reassessing Frameworks and Strategies in a Low R-star World

John Williams

FRBSF Economic Letter, 2017

Abstract: Now is the right time to ask whether the monetary policy framework and strategy that worked well in the past are well suited to address the challenges ahead. A flexible price-level targeting framework has the important traits of adaptability, accessibility, and accountability. It also offers significant advantages over inflation targeting for meeting price stability and employment goals. The following is adapted from a presentation by the president and CEO of the San Francisco Fed to the Shadow Open Market Committee in New York on May 5.

Date: 2017
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