Federal Reserve Policy since October 1979: A Justified Response to Financial Innovations?

Thomas Mayer

Chapter 2 in Monetary Policy and Financial Innovations in Five Industrial Countries, 1992, pp 16-31 from Palgrave Macmillan

Abstract: Abstract In recent years many financial innovations have occurred in the United States, while the Federal Reserve (Fed) has moved further away from monetarism. Are these two connected? Can the Fed’s policy in recent years be interpreted as a justified response to financial innovations? I will argue that the answer is no. Some time in the future financial innovations may well make monetary targeting impossible, but so far this has not happened in the US.

Keywords: Interest Rate; Monetary Policy; Federal Reserve; Gross National Product; Fund Rate (search for similar items in EconPapers)
Date: 1992
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DOI: 10.1007/978-1-349-21684-0_2

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