The Federal Reserve’s Framework for Monetary Policy: Recent Changes and New Questions
The Federal Reserve’s Framework for Monetary Policy: Recent Changes and New Questions
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美联储货币政策框架：近期变化和新问题
DOI：
10.1057/imfer.2014.27
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发表时间：
2015
影响因子：
4.3
通讯作者：
R. Tetlow
中科院分区：
文献类型：
--
作者：
William B. English;J. López;R. Tetlow
近年来，联邦对其货币政策框架进行了重大改革。总的来说，联邦已经以某种形式向许多外国央行所使用的“灵活通胀目标”靠拢。然而，联邦的方法包括对其双重目标采取平衡的方法，并使用灵活的政策范围来促进其目标。本文使用一个小规模的宏观模型来帮助阐明联邦使用前瞻性指导。它还审查了制定不同政策目标的理由，例如更高的通货膨胀目标或名义收入目标。该文件发现，这种变化可能是有益的，但也有潜在的重大缺陷。
The Federal Reserve has made substantial changes to its framework for monetary policy in recent years. On balance, the Federal Reserve has moved closer to the “flexible inflation targeting” used, in some form or another, by many foreign central banks. The Federal Reserve’s approach, however, includes a balanced approach to its dual objectives and uses a flexible horizon over which policy aims to foster its objectives. The paper uses a small-scale macro model to help illuminate the Federal Reserve’s use of forward guidance. It also examines the case for establishing a different policy objective, such as a higher inflation target or a nominal income target. The paper finds that such changes might be beneficial, but also have potentially significant drawbacks.