Search Results
Conference Paper
Real business cycles and the test of the Adelmans
Working Paper
Stochastic trends and economic fluctuations
Conference Paper
The search for growth
Conference Paper
Money and business cycles: a real business cycle interpretation
Journal Article
The Murky Future of Monetary Policy
In August 2020, the Federal Reserve unveiled its new strategic framework. One major objective of the Fed was to address its concerns over the potential consequences for the conduct of monetary policy when the policy rate was constrained by its effective lower bound. This article concludes that there are significant flaws in the new strategy and that it encourages a more discretionary approach to monetary policy and increases the risks of policy errors. The new framework is an overly complex and asymmetric flexible average inflation targeting scheme that introduces a significant inflationary ...
Journal Article
Time-consistency and credible monetary policy after the crisis
The economic crisis and its aftermath have posed significant challenges to policymakers. To help meet those challenges, the Federal Reserve deployed several innovative policy tools to help relieve the stress in financial markets during the crisis. These tools have created their own significant challenges for the conduct of monetary policy in the post-crisis era. The wider range of policy options now available to policymakers makes it more difficult to credibly commit to a particular policy course, and this discretion poses a problem. This is because monetary policy is subject to a ...
Journal Article
Designing monetary policy rules in an uncertain economic environment
A well-designed monetary policy can help the economy respond efficiently to economic disturbances by limiting the deviation of economic activity from its potential while keeping inflation close to its desired rate. But successful implementation of such strategies must confront significant challenges arising from various forms of economic uncertainty. In this article, Michael Dotsey and Charles Plosser discuss the design of monetary policy rules in an environment in which policymakers face two distinct forms of uncertainty: the uncertainty surrounding the precise values of key policy variables ...
Speech
House prices and monetary policy: a speech for the European Economics and Financial Centre Distinguished Speakers Series, July 11, 2007
Presented by Charles I. Plosser, President and Chief Executive Officer, Federal Reserve Bank of Philadelphia, European Economics and Financial Centre, Distinguished Speakers Series, July 11, 2007.
Speech
Monetary policy and financial stability: a speech at the 26th Annual Monetary and Trade Conference The Global Interdependence Center and Drexel's LeBow College of Business, April 18, 2008
Presented by Charles I. Plosser, President and Chief Executive Officer, Federal Reserve Bank of Philadelphia at the 26th Annual Monetary and Trade Conference The Global Interdependence Center and Drexel's LeBow College of Business, April 18, 2008