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(2017)
Fed Officials Admit They’ve
Olivier Blanchard, Giovanni Dell'Ariccia, P. Mauro (2010)
Rethinking Macroeconomic PolicyMacroeconomics: Monetary & Fiscal Policies eJournal
Neil. Irwin (2004)
Of Kiwis and Currency: How a 2% Inflation Target Became Global Economic Gospel. The New York Times
Charles L. Evans (2010)
Monetary Policy in a Low-Inflation Environment: Developing a State-Contingent Price-Level Target. Federal Reserve Bank of Chicago
D. Reifschneider, John Williams (1999)
Three Lessons for Monetary Policy in a Low Inflation EraMonetary Economics
Panel 1 comments from the conference Should the Fed Stick with the 2 percent inflation target or rethink it? Brookings Institution
J.C. Williams (2016)
Monetary Policy in a Low R-star World. FRBSF Economic Letter
Amber Wadsworth (2017)
An International Comparison of Inflation-Targeting FrameworksReserve Bank of New Zealand Bulletin, 80
(2004)
Of Kiwis and Currency: How a 2% Inflation Target Became Global Economic Gospel
Olivier Blanchard (2010)
Rethinking Macroeconomic Policy. IMF Staff Position Note
John Williams (2016)
Monetary Policy in a Low R-star WorldFRBSF Economic Letter
(2003)
Remarks at the 28th Annual Policy Conference: Inflation Targeting: Prospects and Problems
Temporary price-level targeting: An alternative framework for monetary policy. Brookings Institution
A Primer on Price Level Targeting in the U.S. Speech delivered to the CFA Society of
Thoughts on a Long-Run Monetary Framework, Part 1: Framing the Question. macroblog, Federal Reserve Bank of Atlanta
Anthony M. Diercks (2017)
The Reader’s Guide to Optimal Monetary Policy. Board of Governors of the Federal Reserve System
Rich. Miller (2017)
Fed Officials Admit They’ve Lost Some Credibility on Inflation
David L. and John Williams. Reifschneider (2000)
Federal Reserve Bank.
Janet Yellen (2006)
Enhancing Fed CredibilityBusiness Economics, 41
J. Bullard (2012)
Price level targeting: the Fed has it about right
James. Bullard (2012)
Price-Level Targeting: The Fed Has it About Right. Speech delivered to the Memphis Economic Club
Amber. Wadsworth (2017)
An International Comparison of Inflation-Targeting Frameworks. Reserve Bank Bulletin
Eric S. Rosengren (2018)
Considering Alternative Monetary Policy Frameworks: an Inflation Range With an Adjustable Inflation Target. Speech delivered at the Money
Anthony Diercks (2019)
The Reader's Guide to Optimal Monetary PolicyMonetary Economics: Central Banks - Policies & Impacts eJournal
Loretta Mester (2018)
Remarks on the FOMC’s Monetary Policy Framework; 02-23-2018: Panel Remarks at the 2018 U.S. Monetary Policy Forum, Sponsored by the Initiative on Global Markets at the University of Chicago Booth School of Business, New York, NY
Loretta. Mester (2018)
Remarks on the FOMC’s Monetary Policy Framework. Panel Remarks at the 2018 U.S. Monetary Policy Forum
C. Evans (2012)
Monetary Policy in a Low‐Inflation Environment: Developing a State‐Contingent Price‐Level TargetJournal of Money, Credit and Banking, 44
Raphael. Bostic (2018)
. Thoughts on a Long-Run Monetary Framework
Abstract One of the notable macroeconomic developments of the last two decades has been the apparent decline in the so-called neutral real rate of interest (or r-star). The declining level of r-star has significantly reduced forecasts of the steady-state federal funds rate associated with “normalized” monetary policy. Because a lower steady-state policy rate implies a heightened probability of reaching the effective lower bound on the federal funds rate in the event of an economic downturn, a debate has opened among academics and policymakers about potential changes in Fed’s monetary policy framework that might ameliorate the lower bound problem. This paper introduces a variation of price-level targeting that satisfies a definition of price stability that requires the central bank to keep the price level within a pre-specified percentage of a pre-specified target path for all time horizons into the future. The framework, referred to as bounded price-level targeting, is compared to other proposed frameworks. The paper discusses the conditions under which bounded price-level targeting is consistent with other proposals.
Business Economics – Springer Journals
Published: Jul 1, 2018
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