Goals, guidelines, and constraints facing monetary policymakers: an overview
Central bankers in the United States and abroad must grapple with a broad array of questions about how best to conduct monetary policy. How much should the goal of price stability be emphasized relative to the goal of employment stability? Does central bank independence aid in achieving either or both of these goals? Does a stable, short-run trade-off between inflation and unemployment exist, and can it be exploited by a central bank? What instrument should the central bank manipulate in order to achieve its short-run and long-run goals? ; In June of 1994, the Federal Reserve Bank of Boston sponsored a conference to address these questions. The five papers presented fell into three broad areas: first, the efficiency of U.S. monetary policy; second, the usefulness of monetary aggregates for the conduct of monetary policy; and third, an examination of international evidence to shed light on questions of central bank independence and accountability. This article offers an overview of the five papers presented and the comments of the discussants.
Volume (Year): (1994)
Issue (Month): Sep ()
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- Robert J. Barro & David B. Gordon, 1981.
"A Positive Theory of Monetary Policy in a Natural-Rate Model,"
NBER Working Papers
0807, National Bureau of Economic Research, Inc.
- Barro, Robert J & Gordon, David B, 1983. "A Positive Theory of Monetary Policy in a Natural Rate Model," Journal of Political Economy, University of Chicago Press, vol. 91(4), pages 589-610, August.
- Steven J. Davis & John Haltiwanger, 1990. "Gross Job Creation and Destruction: Microeconomic Evidence and Macroeconomic Implications," NBER Chapters, in: NBER Macroeconomics Annual 1990, Volume 5, pages 123-186 National Bureau of Economic Research, Inc.
- Laurence Ball, 1994.
"What Determines the Sacrifice Ratio?,"
in: Monetary Policy, pages 155-193
National Bureau of Economic Research, Inc.
- Ricardo J. Caballero & Mohamad L. Hammour, 1991.
"The Cleansing Effect of Recessions,"
NBER Working Papers
3922, National Bureau of Economic Research, Inc.
- Kenneth Rogoff, 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target," The Quarterly Journal of Economics, Oxford University Press, vol. 100(4), pages 1169-1189.
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