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The Federal Reserve's "dual mandate" : the evolution of an idea

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  • Aaron Steelman

Abstract

Since 1977, the Federal Reserve has operated under a mandate from Congress to "promote effectively the goals of maximum employment, stable prices, and moderate long term interest rates" — what is now commonly referred to as the Fed's "dual mandate." The idea that the Fed should pursue multiple goals can be traced back to at least the 1940s, however, with shifting emphasis on which objective should be paramount. That such a mandate may, at times, create tensions for monetary policy has long been recognized as well.

Suggested Citation

  • Aaron Steelman, 2011. "The Federal Reserve's "dual mandate" : the evolution of an idea," Richmond Fed Economic Brief, Federal Reserve Bank of Richmond, issue Dec.
  • Handle: RePEc:fip:fedreb:y:2011:i:dec:n:11-12
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    1. repec:eee:riibaf:v:42:y:2017:i:c:p:429-441 is not listed on IDEAS

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    Keywords

    Monetary policy;

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