The Fed’s Consistent Monetary Policy: A Long Term Perspective
AbstractThis paper describes the Federal Reserve's analytical framework under Volcker and Greenspan, as it was constructed in the early 1980s, during a period of high inflation. It traces the modeling and policy implications of this framework. It discusses the Fed's actual track record and the state of the US economy in which the Fed operated and how the Fed's policies interact with US federal fiscal policies. It also discusses why the Fed ignoes the dollar's value and why it remains immune to party politics. The paper summarizes the author's perspective on US monetary policy. It is based on an address delivered by the author at the Second International Conference on Forecasting the Singapore Economy and Annual Review of Central Banking Policies in the Asia- Pacific Basin in Singapore on August 29, 1996.
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Bibliographic InfoPaper provided by EconWPA in its series Macroeconomics with number 0411011.
Length: 16 pages
Date of creation: 16 Nov 2004
Date of revision:
Note: Type of Document - pdf; pages: 16
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Monetary policy; modeling; fiscal policy; dollar value;
Find related papers by JEL classification:
- C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
- E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
- F31 - International Economics - - International Finance - - - Foreign Exchange
This paper has been announced in the following NEP Reports:
- NEP-ALL-2004-11-22 (All new papers)
- NEP-CBA-2004-11-22 (Central Banking)
- NEP-MAC-2004-11-22 (Macroeconomics)
- NEP-MON-2004-11-22 (Monetary Economics)
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