Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
7367034 | Journal of Macroeconomics | 2017 | 30 Pages |
Abstract
Academic economists have perennially made arguments for the conduct of monetary policy constrained by an explicit rule. These arguments have gone nowhere. This paper advances a proposal to clarify Fed objectives and strategy in order to facilitate discussion leading to consensus over a desirable rule. The essence of the proposal is to replace the forecasts of the individual participants at FOMC meetings now contained in the Summary of Economic Projections with a consensus FOMC forecast accompanied by commentary on the strategy for monetary policy underlying the forecast.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Robert L. Hetzel,