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What the Moment Demands

Mary Daly

FRBSF Economic Letter, 2023, vol. 2023, issue 30, 6

Abstract: When central banks are unsure about how the economy will evolve, what impact their policies will have, or how fundamental benchmarks in the economy are changing, the optimal strategy is a gradualist approach to policy. The challenge will be to respond rapidly when the situation requires and to resist the pressure to act quickly when patience is needed. The following is adapted from the closing keynote by the president of the Federal Reserve Bank of San Francisco to the 33rd Frankfurt European Banking Congress in Frankfurt, Germany, on November 17.

Keywords: monetary policy; central banking; covid19; inflation; uncertainty; policy; Monetary Policy Transmission Mechanism (search for similar items in EconPapers)
Date: 2023
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