IDEAS home Printed from https://ideas.repec.org/p/fip/fedcsp/69.html
   My bibliography  Save this paper

The Outlook for the Economy and Monetary Policy: Low-Frequency Policymaking in a High-Frequency World

Author

Listed:
  • Loretta J. Mester

Abstract

Good afternoon. I thank Ellen Zentner and the New York Association for Business Economics for the invitation to speak to you today. I believe that one of the important responsibilities of a Federal Reserve policymaker is to share his or her economic perspectives with the public. Congress has wisely given the Fed independence in making monetary policy decisions in pursuit of our statutory goals of price stability and maximum employment. I say \"wisely\" because a body of research and practical experience both here and abroad show that when central banks formulate monetary policy free from short-run political interference, the policy is more effective and yields better economic outcomes. But to preserve that independence, the central bank must be held accountable for its policy decisions. And a key component of that accountability involves policymakers providing information to the public on their evaluation of economic conditions, their outlook for the economy, and the rationale for their decisions.

Suggested Citation

  • Loretta J. Mester, 2016. "The Outlook for the Economy and Monetary Policy: Low-Frequency Policymaking in a High-Frequency World," Speech 69, Federal Reserve Bank of Cleveland.
  • Handle: RePEc:fip:fedcsp:69
    as

    Download full text from publisher

    File URL: https://www.clevelandfed.org/en/newsroom-and-events/speeches/sp-20160401-the-outlook-for-the-economy-and-monetary-policy.aspx
    File Function: Full text
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Gaponenko, A.L. (Гапоненко, А.) & Savelyeva, Marina (Савельева, Марина), 2016. "Modern Factors of Competitiveness of Socio-Economic Systems: Organizations, Regions and Cities [Современные Факторы Конкурентоспособности Социально-Экономических Систем: Организаций, Регионов И Гор," Working Papers 453, Russian Presidential Academy of National Economy and Public Administration.
    2. Loretta J. Mester, 2016. "Acknowledging Uncertainty, 10-07-2016; Shadow Open Market Committee Fall Meeting, New York, NY," Speech 77, Federal Reserve Bank of Cleveland.

    More about this item

    Keywords

    Monetary Policy; central banks; independence;
    All these keywords.

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fip:fedcsp:69. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: 4D Library (email available below). General contact details of provider: https://edirc.repec.org/data/frbclus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.