Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/202924 
Year of Publication: 
2018
Series/Report no.: 
Working Papers No. 18-8
Publisher: 
Federal Reserve Bank of Boston, Boston, MA
Abstract: 
Would a more open and regular evaluation of the monetary policy framework improve policy in the United States? Even when considering a relatively short timeframe that spans the 1960s to the present, it is possible to point to many significant changes to the framework. Some of the changes were precipitated by acute economic conditions, while others were considered and implemented only gradually as a response to long-standing problems with the framework. But the process for evaluating and changing frameworks to date has not always been transparent, and changes have not always been timely. Could a more formal, and open, review improve how well we adhere to our current framework? Could transitions to a new framework be made more effectively? We conclude that such a review might indeed be beneficial, and outline one possible review process.
Subjects: 
monetary policy framework
the evolution of monetary policy
FOMC
policy rules
JEL: 
E52
E58
E61
Document Type: 
Working Paper

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.