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Will monetary policy become more of a science?

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  • Frederic S. Mishkin

Abstract

This paper reviews the progress that the science of monetary policy has made over recent decades. This progress has significantly expanded the degree to which the practice of monetary policy reflects the application of a core set of "scientific" principles. However, there remains, and will likely always remain, elements of art in the conduct of monetary policy.

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Paper provided by Board of Governors of the Federal Reserve System (U.S.) in its series Finance and Economics Discussion Series with number 2007-44.

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Date of creation: 2007
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Handle: RePEc:fip:fedgfe:2007-44

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Keywords: Monetary policy ; Banks and banking; Central;

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