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What does the change in the FOMC's statement of objectives mean?

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  • Daniel L. Thornton

Abstract

In contrast, most economists believe that central banks have little or no ability to directly affect employment. The effect of monetary policy actions on employment is indirect and stems from central banks? ability to affect output growth in the short run and achieve price stability in the long run.

Suggested Citation

  • Daniel L. Thornton, 2011. "What does the change in the FOMC's statement of objectives mean?," Economic Synopses, Federal Reserve Bank of St. Louis.
    • Handle: RePEc:fip:fedles:y:2011:n:1
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    File URL: http://research.stlouisfed.org/publications/es/11/ES1101.pdf
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    Cited by:

    1. Ekin Ayse Ozsuca Erenoglu & Elif Oznur Acar, 2020. "Can US Wage Increases be Regarded as a Leading Indicator for Bond Rates?," World Journal of Applied Economics, WERI-World Economic Research Institute, vol. 6(2), pages 169-176, December.
    2. Daniel L. Thornton, 2012. "The dual mandate: has the Fed changed its objective?," Review, Federal Reserve Bank of St. Louis, vol. 94(Mar), pages 117-134.
    3. Adam Hale Shapiro & Daniel J Wilson, 2022. "Taking the Fed at its Word: A New Approach to Estimating Central Bank Objectives using Text Analysis," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 89(5), pages 2768-2805.
    4. Ruman, Asif M., 2023. "A Comparative Textual Study of FOMC Transcripts Through Inflation Peaks," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 87(C).
    5. Bassett, William & Demiralp, Selva & Lloyd, Nathan, 2020. "Government support of banks and bank lending," Journal of Banking & Finance, Elsevier, vol. 112(C).

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