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Would a more open and regular evaluation of the monetary policy framework improve policy in the United States? Even when considering a relatively short timeframe spanning the 1960s to present, it is possible to point to many significant changes to the framework. Some of the changes were precipitated by acute economic conditions, others were considered and implemented only gradually as a response to long-standing problems with the framework. But the process for evaluating and changing frameworks to date has not always been transparent, and changes have not always been timely. Could a more formal, and open, review improve how well we adhere to our current framework? Could transitions to a new framework be made more effectively? We conclude that such a review might indeed be beneficial, and outline one possible review process.

Fuhrer, Jeffrey, Giovanni Olivei, Eric Rosengren, and Geoffrey Tootell. 2018. “Should the Fed Regularly Evaluate its Monetary Policy Framework?” BPEA Conference Draft, Fall.

The authors are officers and employees of the Federal Reserve Bank of Boston. Beyond these affiliations, the authors did not receive financial support from any firm or person for this paper or from any firm or person with a financial or political interest in this paper and they are currently not officers, directors, or board members of any organization with an interest in this paper. No outside party had the right to review this paper before circulation. The views expressed in this paper are those of the authors, and do not necessarily reflect those of the Board of Governors or the FOMC.