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Monetary Rules

Author

Listed:
  • Edward M. Gramlich

    (Federal Reserve System)

Abstract

The question of whether the Federal Reserve Board should use rules in the conduct of monetary policy is almost as old as the Fed itself. For a brief time in the Fed's history it used a policy-making rule based on monetary aggregates, and today many are suggesting that it use a rule based on the federal funds rate. Other countries have used policy-making rules that are based on explicit inflation targets. While at this moment the Fed is an institution where members vote on monetary policy using their own best judgment, the issues illustrated in discussing the question of rules are still interesting and controversial.

Suggested Citation

  • Edward M. Gramlich, 1998. "Monetary Rules," Eastern Economic Journal, Eastern Economic Association, vol. 24(2), pages 127-136, Spring.
    • Handle: RePEc:eej:eeconj:v:24:y:1998:i:2:p:127-136
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    File URL: http://web.holycross.edu/RePEc/eej/Archive/eeconj/Volume24/V24N2P127_136.pdf
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    Citations

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    Cited by:

    1. Rudy Fichtenbaum, 2003. "Is there a natural level of capacity utilization?," Forum for Social Economics, Springer;The Association for Social Economics, vol. 33(1), pages 45-62, September.
    2. Hartmann, Daniel, 2001. "Taylor-Regel und amerikanische Geldpolitik," Violette Reihe: Schriftenreihe des Promotionsschwerpunkts "Globalisierung und Beschäftigung" 17/2001, University of Hohenheim, Carl von Ossietzky University Oldenburg, Evangelisches Studienwerk.

    More about this item

    Keywords

    Fed; Federal Reserve Board; Fund; Monetary Policy; Monetary; Policy Making; Policy;
    All these keywords.

    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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