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Improving Our Monetary Policy Strategy; 05.03.19, The Hoover Institution, Stanford University, Stanford, CA

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  • Loretta J. Mester

Abstract

The FOMC currently uses what has been called a flexible inflation-targeting framework to set monetary policy. It is briefly described in the FOMC?s statement on longer-run goals and monetary policy strategy.1 In my view, this framework has served the FOMC well in effectively promoting our policy goals. A milestone was reached in January 2012 when the U.S. adopted an explicit numerical inflation goal. I am certain that Charles remembers very well the careful analysis and discussions that helped the FOMC reach a consensus on the explicit 2 percent goal and the statement that describes the FOMC?s approach to setting policy to promote its congressionally mandated goals of price stability and maximum employment. The FOMC is currently reviewing its policy framework. I am very supportive of this initiative.

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  • Loretta J. Mester, 2019. "Improving Our Monetary Policy Strategy; 05.03.19, The Hoover Institution, Stanford University, Stanford, CA," Speech 109, Federal Reserve Bank of Cleveland.
    • Handle: RePEc:fip:fedcsp:109
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