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Will monetary policy become more of a science?

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Author Info
Frederic S. Mishkin

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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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Related research
Keywords: Monetary policy ; Banks and banking; Central;

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  1. Maria Demertzis & Massimiliano Marcellino & Nicola Viegi, 2008. "A Measure for Credibility: Tracking US Monetary Developments," Economics Working Papers ECO2008/38, European University Institute. [Downloadable!]
    Other versions:
  2. Daniel Leigh, 2008. "Achieving a Soft Landing: The Role of Fiscal Policy," IMF Working Papers 08/69, International Monetary Fund. [Downloadable!]
  3. Edward Nelson & Anna J. Schwartz, 2008. "The impact of Milton Friedman on modern monetary economics: setting the record straight on Paul Krugman’s 'Who Was Milton Friedman?," Working Papers 2007-048, Federal Reserve Bank of St. Louis. [Downloadable!]
    Other versions:
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This page was last updated on 2009-11-18.


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