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Goals, guidelines, and constraints facing monetary policymakers: an overview

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  • Jeffrey C. Fuhrer

Abstract

Central bankers in the United States and abroad must grapple with a broad array of questions about how best to conduct monetary policy. How much should the goal of price stability be emphasized relative to the goal of employment stability? Does central bank independence aid in achieving either or both of these goals? Does a stable, short-run trade-off between inflation and unemployment exist, and can it be exploited by a central bank? What instrument should the central bank manipulate in order to achieve its short-run and long-run goals? ; In June of 1994, the Federal Reserve Bank of Boston sponsored a conference to address these questions. The five papers presented fell into three broad areas: first, the efficiency of U.S. monetary policy; second, the usefulness of monetary aggregates for the conduct of monetary policy; and third, an examination of international evidence to shed light on questions of central bank independence and accountability. This article offers an overview of the five papers presented and the comments of the discussants.

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Bibliographic Info

Article provided by Federal Reserve Bank of Boston in its journal New England Economic Review.

Volume (Year): (1994)
Issue (Month): Sep ()
Pages: 3-15

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Handle: RePEc:fip:fedbne:y:1994:i:sep:p:3-15

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Keywords: Banks and banking; Central ; Monetary policy - United States ; Monetary policy;

References

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  1. Barro, Robert J & Gordon, David B, 1983. "A Positive Theory of Monetary Policy in a Natural Rate Model," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 91(4), pages 589-610, August.
  2. Laurence Ball, 1994. "What Determines the Sacrifice Ratio?," NBER Chapters, in: Monetary Policy, pages 155-193 National Bureau of Economic Research, Inc.
  3. Steven J. Davis & John Haltiwanger, 1990. "Gross Job Creation and Destruction: Microeconomic Evidence and Macroeconomic Implications," NBER Chapters, in: NBER Macroeconomics Annual 1990, Volume 5, pages 123-186 National Bureau of Economic Research, Inc.
  4. repec:fth:coluec:572 is not listed on IDEAS
  5. Caballero, R.J. & Hammour, M.L., 1991. "The Cleansing Effect of Recessions," Discussion Papers, Columbia University, Department of Economics 1991_59, Columbia University, Department of Economics.
  6. Rogoff, Kenneth, 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 100(4), pages 1169-89, November.
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Cited by:
  1. Hughes Hallett, Andrew & Viegi, Nicola, 2001. "Labour Market Reform and Monetary Policy in EMU: Do Asymmetries Matter?," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2979, C.E.P.R. Discussion Papers.
  2. Nicholas Rowe, 2002. "How to Improve Inflation Targeting at the Bank of Canada," Working Papers, Bank of Canada 02-23, Bank of Canada.
  3. Lossani Marco & Natale Piergiovanna & Tirelli Patrizio, 1999. "Disegno delle istituzioni e stabilità finanziaria nell'Unione Monetaria Europea," Economia politica, Società editrice il Mulino, Società editrice il Mulino, issue 2, pages 243-270.
  4. Jorg Bibow, 2005. "Refocusing the ECB on Output Stabilization and Growth through Inflation Targeting?," Economics Working Paper Archive wp_425, Levy Economics Institute.
  5. Ben S. Bernanke & Ilian Mihov, 1996. "What Does the Bundesbank Target?," NBER Working Papers 5764, National Bureau of Economic Research, Inc.
  6. Martha López P., . "Efficient Policy Rule for Inflation Targeting in Colombia," Borradores de Economia 240, Banco de la Republica de Colombia.
  7. Giuseppe Diana & MoÏse Sidiropoulos, 2006. "Central Bank Independence and the Cost of Disinflation: Why the Wage Contracts Length Matters?," International Advances in Economic Research, Springer, Springer, vol. 12(3), pages 287-297, August.
  8. David Cobham & Peter Macmillan & David Mcmillan, 2004. "The inflation/output variability trade-off: further evidence," Applied Economics Letters, Taylor & Francis Journals, Taylor & Francis Journals, vol. 11(6), pages 347-350.

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