| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w26657
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| 来源ID | Working Paper 26657
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| Monetary Policy Strategies for the Federal Reserve |
| Lars E.O. Svensson
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| 发表日期 | 2020-01-20
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| 出版年 | 2020
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| 语种 | 英语
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| 摘要 | The general monetary policy strategy of “forecast targeting” allows the Federal Reserve to respond flexibly to all relevant information in achieving its dual mandate of maximum employment and price stability. In contrast, a simple “instrument” rule such as a Taylor-type rule restricts the Federal Reserve to only respond in a rigid way to the partial information of current inflation and output. Forecast targeting can be used for any of the more specific strategies of annual-inflation targeting, price-level targeting, temporary price-level targeting, average-inflation targeting, and nominal-GDP targeting. These specific strategies are examined and evaluated according to how well they may fulfill the dual mandate, considering the possibilities of a binding effective lower bound for the federal funds rate and a flatter Phillips curve. Nominal-GPD targeting means that GDP and the GDP deflator are considered perfect substitutes. It therefore does not treat maximum employment and price stability as separate and independent targets. In addition, data on GDP and the GDP deflator have longer reporting lags and are subject to substantial ex post revisions. The latter will require both retrospective and prospective revisions of the target path, with large communication difficulties. Average-inflation targeting has good prospects of handling the problems of a binding effective lower bound and a flatter Phillips curve. As a permanently applied strategy, it would also have good possibilities of becoming understood by and credible with markets and the general public. |
| 主题 | Macroeconomics
; Monetary Policy
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| URL | https://www.nber.org/papers/w26657
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584331
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推荐引用方式
GB/T 7714 |
Lars E.O. Svensson. Monetary Policy Strategies for the Federal Reserve. 2020.
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文件名：
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w26657.pdf
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格式：
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Adobe PDF
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