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Remarks on the FOMC’s Monetary Policy Framework; 02-23-2018: Panel Remarks at the 2018 U.S. Monetary Policy Forum, Sponsored by the Initiative on Global Markets at the University of Chicago Booth School of Business, New York, NY

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  • Loretta J. Mester

Abstract

I will focus my brief remarks on the FOMC?s monetary policy framework for determining the appropriate policy to promote our longer-run monetary policy goals. Recently, some economists and policymakers have recommended that the FOMC evaluate its monetary policy framework. Indeed, a careful reader of the January FOMC minutes, released earlier this week, might have noticed that a few participants suggested such an examination. The FOMC has not indicated whether or not it will undertake such a review. But let me provide my own thoughts on the rationale for undertaking an assessment, what it might cover, and the timing, that is, the why, what, and when of a review. I?ll also briefly discuss some alternative frameworks that should be part of the assessment.

Suggested Citation

  • Loretta J. Mester, 2018. "Remarks on the FOMC’s Monetary Policy Framework; 02-23-2018: Panel Remarks at the 2018 U.S. Monetary Policy Forum, Sponsored by the Initiative on Global Markets at the University of Chicago Booth Scho," Speech 94, Federal Reserve Bank of Cleveland.
    • Handle: RePEc:fip:fedcsp:94
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    Cited by:

    1. KAMKOUM, Arnaud Cedric, 2023. "The Federal Reserve’s Response to the Global Financial Crisis and its Effects: An Interrupted Time-Series Analysis of the Impact of its Quantitative Easing Programs," Thesis Commons d7pvg, Center for Open Science.
    2. David Altig, 2018. "A new twist on an old framework: bounded price-level targeting," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 53(3), pages 156-162, July.
    3. KAMKOUM, Arnaud Cedric, 2023. "The Federal Reserve’s Response to the Global Financial Crisis and Its Long-Term Impact: An Interrupted Time-Series Natural Experimental Analysis," OSF Preprints 53qbm, Center for Open Science.

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    Keywords

    Monetary Policy; Inflation;

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