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Last Updated: 10/11/16

Conducting Monetary Policy in an Evolving Economy

A speech delivered on October 11, 2016, before the Australian Business Economists Luncheon in Sydney, Australia.

References

Aaronson, Daniel, and Daniel G. Sullivan, 2002, “Growth in worker quality,” Chicago Fed Letter, Federal Reserve Bank of Chicago, No. 174, February. 

Bernanke, Ben S., Mark Gertler and Mark Watson, 1997, “Systematic monetary policy and the effects of oil price shocks,” Brookings Papers on Economic Activity, Vol. 28, No. 1, pp. 97–142.

Board of Governors of the Federal Reserve System, 2015a, “What were the Federal Reserve's large-scale asset purchases?,” Current FAQs, December 22.

Board of Governors of the Federal Reserve System, 2015b, “What is forward guidance and how is it used in the Federal Reserve's monetary policy?,” Current FAQs, December 16.

Federal Open Market Committee, 2016a, Summary of Economic Projections, Washington, DC, September 21.


Federal Open Market Committee, 2016b, press release, Washington, DC, September 21.

 

Federal Open Market Committee, 2016c, “Statement on longer-run goals and monetary policy strategy,” Washington, DC, as amended effective January 26.

 

Federal Open Market Committee, 2012a, press release, Washington, DC, January 25.

 

Federal Open Market Committee, 2003, press release, Washington, DC, May 6.

 

Lucas, Robert E., Jr., 1976, “Econometric policy evaluation: A critique,” Carnegie-Rochester Conference Series on Public Policy, Vol. 1, No. 1, January, pp. 19–46.

Romer, Christina D., and David H. Romer, 2002, “The evolution of economic understanding and postwar stabilizing policy perspective,” in Rethinking Stabilization Policy, Federal Reserve Bank of Kansas City, pp. 11–78.

 

Rosengren, Eric S., 2015, “Changing economic relationships: Implications for monetary policy and simple monetary policy rules,” speech by Boston Fed president at Chatham House, London , April 16.

 

Staiger, Douglas, James H. Stock and Mark W. Watson, 1997, "The NAIRU, unemployment and monetary policy," Journal of Economic Perspectives, Vol. 11, No. 1, Winter, pp. 33–49.

Taylor, John B., 2015, “Getting back to a rules-based monetary strategy,” speech at the Shadow Open Market Committee conference, Getting Monetary Policy Back on Track, Princeton Club, New York, March 20.

 

Taylor, John B., 2007, “Housing and monetary policy,” panel remarks at the Federal Reserve Bank of Kansas City Economic Policy Symposium, Housing, Housing Finance and Monetary Policy, Jackson Hole, WY, September.

 

Williams, John C., 2016, “Monetary policy in a low r-star world,” FRBSF Economic Letter, Federal Reserve Bank of San Francisco, No. 2016-23, August 15.

 

Yellen, Janet, 2015, “Inflation dynamics and monetary policy,” speech by Federal Reserve Chair at the Philip Gamble Memorial Lecture, University of Massachusetts Amherst, Amherst, MA, September 24.

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