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Why Are Economists Still Uncertain About the Effects of Monetary Policy?

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  • Paul Ho

Abstract

Despite decades of research, there remains substantial uncertainty about the quantitative effects of monetary policy. Different models produce conflicting predictions, and these predictions lack precision. This article discusses some reasons for these issues. In addition to the relative lack of data, the structure of the economy has continued to evolve, posing challenges for empirical macroeconomic analysis more generally. Economists have been confronting these challenges by developing tools to jointly consider a range of models and continuing to seek new sources of data.

Suggested Citation

  • Paul Ho, 2023. "Why Are Economists Still Uncertain About the Effects of Monetary Policy?," Richmond Fed Economic Brief, Federal Reserve Bank of Richmond, vol. 23(15), May.
    • Handle: RePEc:fip:fedreb:96157
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    File URL: https://www.richmondfed.org/publications/research/economic_brief/2023/eb_23-15
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