| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP10818
|
| DP10818 Fear of Liftoff: Uncertainty, Rules and Discretion in Monetary Policy Normalization |
| Athanasios Orphanides
|
| 发表日期 | 2015-09-13
|
| 出版年 | 2015
|
| 语种 | 英语
|
| 摘要 | The Federal Reserve?s muddled mandate to attain simultaneously the incompatible goals of maximum employment and price stability invites short-term-oriented discretionary policymaking inconsistent with the systematic approach needed for monetary policy to contribute best to the economy over time. Fear of liftoff?the reluctance to start the process of policy normalization after the end of a recession?serves as an example. Causes of the problem are discussed, drawing on public choice and cognitive psychology perspectives. The Federal Reserve could adopt a framework that relies on a simple policy rule subject to periodic reviews and adaptation. Replacing meeting-by-meeting discretion with a simple policy rule would eschew discretion in favor of systematic policy. Periodic review of the rule would allow the Federal Reserve the flexibility to account for and occasionally adapt to the evolving understanding of the economy. Congressional legislation could guide the Federal Reserve in this direction. However the Federal Reserve may be best placed to select the simple rule and could embrace this improvement on its own, within its current mandate, with the publication of a simple rule along the lines of its statement of longer-run goals. |
| 主题 | International Macroeconomics and Finance
|
| 关键词 | Federal Reserve
Liftoff
Discretion
Policy rules
Policy normalization
|
| URL | https://cepr.org/publications/dp10818
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539647
|
推荐引用方式
GB/T 7714 |
Athanasios Orphanides. DP10818 Fear of Liftoff: Uncertainty, Rules and Discretion in Monetary Policy Normalization. 2015.
|
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
