A Proposal to Clarify the Objectives and Strategy of Monetary Policy

Posted: 2 Dec 2016

See all articles by Robert L. Hetzel

Robert L. Hetzel

Federal Reserve Banks - Federal Reserve Bank of Richmond

Date Written: 2016-09-12

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. Economists are likely to have more success in their quest for a rule if they follow the indirect strategy of pushing the Fed for more transparency about the systematic character of policy.

JEL Classification: E52, E58

Suggested Citation

Hetzel, Robert L., A Proposal to Clarify the Objectives and Strategy of Monetary Policy (2016-09-12). FRB Richmond Working Paper No. 16-11, Available at SSRN: https://ssrn.com/abstract=2879280

Robert L. Hetzel (Contact Author)

Federal Reserve Banks - Federal Reserve Bank of Richmond ( email )

P.O. Box 27622
Richmond, VA 23261
United States

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