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2014 U.S. Monetary Policy Forum, Initiative on Global Markets, The University of Chicago, Booth School of Business, February 28, 2014, New York, NY President Charles I. Plosser discusses his views on the FOMC's forward guidance, which seeks to inform the public about the future path of monetary policy. He discusses why the FOMC should revamp its forward guidance as the unemployment rate nears the 6.5 percent rate threshold.
Changes in the Risk-Management Environment for Monetary Policy
In response to the massive challenges presented by the global financial crisis, in late 2007 the Federal Open Market Committee (FOMC) began a series of large reductions in its traditional policy tool, the overnight interest rate in the federal funds market. By December 2008 the Committee had lowered the target to its effective lower bound (ELB) of 0 to 25 basis points.1 Later, in an attempt to provide additional monetary stimulus, the FOMC implemented nontraditional policy tools, such as large-scale asset purchases and forward guidance about how long the fed funds rate would stay at very low ...
How Do We Measure Inflation?
One goal of monetary policy is price stability, which requires a measure of prices over time. The gold standard maintained the stability of one price, that of gold. Today, we need to consider a broad array of prices. The Federal Reserve?s policymaking body, the Federal Open Market Committee (FOMC), uses the personal consumption expenditures (PCE) deflator as its index of prices. But what is it, and why does the Fed consider this measure the most suitable?
Measuring the Stance of Monetary Policy on and off the Zero Lower Bound
Taeyoung Doh and Jason Choi propose a new ?shadow? short-term interest rate to measure the stance of policy when the federal funds rate was constrained by the zero lower bound.
Recent Declines in the Fed’s Longer-Run Economic Projections
This Chicago Fed Letter investigates the evolution of longer-run economic projections made by participants of the Federal Reserve?s monetary policy committee, the Federal Open Market Committee (FOMC), in its Summary of Economic Projections (SEP), and by the private sector. Over the past few years, the FOMC?s longer-run projections for economic growth, unemployment, and the federal funds rate have fallen quite dramatically. We verify that these views are shared by the private sector and show that the declines are not unprecedented in magnitude, but the projections have reached historical lows. ...
Comments to the U.S. Monetary Policy Forum
Remarks by Charles L. Evans President and Chief Executive Officer Federal Reserve Bank of Chicago U.S. Monetary Policy Forum University Club of New York New York, New York