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Short Takes on Monetary Policy Strategy : An Introduction to Some Basic Concepts

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Abstract

Over recent decades, central banks have made enormous strides in enhancing transparency around many elements of the formulation and conduct of monetary policy. Still, even for an audience of seasoned policy experts, providing clarity about aspects of monetary policy strategy is a daunting task and all the more so when the audience extends to the public at large. This collection of short notes attempts to take a small step in fostering more inclusive discussion of monetary policy strategy by presenting some standard results in a way that may be useful as an introduction to basic concepts for students and nonspecialists.

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  • James A. Clouse, 2018. "Short Takes on Monetary Policy Strategy : An Introduction to Some Basic Concepts," Finance and Economics Discussion Series 2018-089, Board of Governors of the Federal Reserve System (U.S.).
    • Handle: RePEc:fip:fedgfe:2018-89
    DOI: 10.17016/FEDS.2018.089
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    1. Gordon, Robert J, 1990. "What Is New-Keynesian Economics?," Journal of Economic Literature, American Economic Association, vol. 28(3), pages 1115-1171, September.
    2. Michael T. Kiley & John M. Roberts, 2017. "Monetary Policy in a Low Interest Rate World," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 48(1 (Spring), pages 317-396.
    3. Mark Gertler & Jordi Gali & Richard Clarida, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," Journal of Economic Literature, American Economic Association, vol. 37(4), pages 1661-1707, December.
    4. Alan Greenspan, 2004. "Risk and Uncertainty in Monetary Policy," American Economic Review, American Economic Association, vol. 94(2), pages 33-40, May.
    5. Jerome H. Powell, 2018. "Monetary Policy in a Changing Economy: a speech at \"Changing Market Structure and Implications for Monetary Policy,\" a symposium sponsored by the Federal Reserve Bank of Kansas City, Jacks," Speech 1010, Board of Governors of the Federal Reserve System (U.S.).
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    Cited by:

    1. Adrian Penalver & Daniele Siena, 2021. "The Deflationary Bias of the ZLB and the FED’s Strategic Response," Working papers 843, Banque de France.

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