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An overview of monetary policy in the US

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  • Karl Whelan

Abstract

With the introduction of monetary union, the US Federal Reserve system has become a common reference point against which to compare the procedures and policies of the fledgling ECB. This paper provides a brief overview of US monetary policy. The paper discusses the legal and institutional structures underpinning the Federal Reserve system, the process by which policy decisions are made, and the strategy that the Federal Reserve has used in implementing monetary policy in recent years.

Suggested Citation

  • Karl Whelan, 2002. "An overview of monetary policy in the US," Open Access publications 10197/205, School of Economics, University College Dublin.
    • Handle: RePEc:ucn:oapubs:10197/205
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    File URL: http://hdl.handle.net/10197/205
    File Function: Open Access version, 2002
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    References listed on IDEAS

    as
    1. Christopher A. Sims, 2002. "The Role of Models and Probabilities in the Monetary Policy Process," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 33(2), pages 1-62.
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    6. Michael Woodford, 1999. "Optimal Monetary Policy Inertia," Manchester School, University of Manchester, vol. 67(s1), pages 1-35.
    7. Michael Woodford, 2001. "The Taylor Rule and Optimal Monetary Policy," American Economic Review, American Economic Association, vol. 91(2), pages 232-237, May.
    8. Michael Woodford, 1999. "Optimal monetary policy inertia," Proceedings, Federal Reserve Bank of San Francisco.
    9. Rudebusch, Glenn D., 2002. "Term structure evidence on interest rate smoothing and monetary policy inertia," Journal of Monetary Economics, Elsevier, vol. 49(6), pages 1161-1187, September.
    10. 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.
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