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Federal Reserve Bank of Richmond
Working Paper
The Evolution of U.S. Monetary Policy
Robert L. Hetzel

Since the establishment of the Federal Reserve System in 1913, policymakers have always pursued the goal of economic stability. At the same time, their understanding of the world and of the role of monetary policy has changed dramatically. This evolution of views provides a laboratory for understanding what kinds of monetary policy stabilize the economy and what kinds destabilize it.

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Robert L. Hetzel, The Evolution of U.S. Monetary Policy, Federal Reserve Bank of Richmond, Working Paper 18-1, 03 Jan 2018.
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Keywords: federal reserve; monetary policy
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