Hidden Bibliographic Details
| Other authors / contributors: | Alichi, Ali, author.
International Monetary Fund. Research Department.
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| ISBN: | 9781513583693
1513583697
1513595709
9781513595702
9781513530017
1513530011
1513591983
9781513591988
9781513595702
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| Notes: | "Prepared by Ali Alichi, Kevin Clinton, Charles Freedman, Ondra Kamenik, Michel Juillard, Douglas Laxton, Jarkko Turunen, and Hou Wang."
"June 2015."
"Research Department."
Includes bibliographical references (pages 34-37).
Online resource; title from pdf title page (IMF.org Web site, viewed July 2, 2015).
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| Summary: | The Fed has taken several steps towards strengthening its monetary framework over the past several years. Those steps have supported the Fed's efforts to stimulate the economy through forward guidance despite being constrained by having policy rates at zero. We show that an optimal control approach to monetary policy, which includes the publication of a baseline forecast and a description of the uncertainties around that outlook, combined with an improvement in the Fed's communications toolkit, could further enhance the effectiveness of Fed policy. In the current conjuncture, such a risk management approach to monetary policy would result in both a later liftoff of policy rates and a modest, but planned, overshooting of inflation. --Abstract.
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| Other form: | Print Version: 9781513595702
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| Standard no.: | 10.5089/9781513595702.001
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