Monetary policymaking in today’s environment: finding “policy space” in a low-rate world: remarks at the 33rd Annual Cornelson Distinguished Lecture at Davidson College, Davidson, North Carolina, April 15, 2019

Eric Rosengren ()

No 143, Speech from Federal Reserve Bank of Boston

Abstract: Now is a good time to reflect on the Federal Reserve?s monetary policy framework. The U.S. and many developed economies are likely to be challenged by the implications of a low interest rate environment for their ability to offset recessions. The reality of limited monetary policy space provides important context for why the Federal Reserve should broadly consider its current policies and their likely outcomes. While I would currently prefer moving to an inflation range, I look forward to future discussions. A key matter for me will be considering whether the possible changes to the Fed?s monetary policy framework could provide policy space for action in a hypothetical future economic downturn.

Keywords: monetary policy; interest rates; financial stability; fiscal policy; markets; economic outlook (search for similar items in EconPapers)
Pages: 12 pages
Date: 2019-04-15
New Economics Papers: this item is included in nep-mac
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