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The Evolution of U.S. Monetary Policy

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  • Robert L. Hetzel

Abstract

Since the establishment of the Federal Reserve System in 1913, policymakers have always pursued the goal of economic stability. At the same time, their understanding of the world and of the role of monetary policy has changed dramatically. This evolution of views provides a laboratory for understanding what kinds of monetary policy stabilize the economy and what kinds destabilize it.

Suggested Citation

  • Robert L. Hetzel, 2018. "The Evolution of U.S. Monetary Policy," Working Paper 18-1, Federal Reserve Bank of Richmond.
    • Handle: RePEc:fip:fedrwp:18-01
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    References listed on IDEAS

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    Cited by:

    1. Dibooglu, Sel & Kapounek, Svatopluk, 2021. "The US current account, sustainability, and the international monetary system," Economic Systems, Elsevier, vol. 45(4).

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    Keywords

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    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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