On Making Monetary Policies by U.S. Federal Reserve Board and Direction of Development |
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引用本文: | Xinglong Xie Ping Shi. On Making Monetary Policies by U.S. Federal Reserve Board and Direction of Development[J]. 美中经济评论(英文版), 2004, 3(8): 1-12 |
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作者姓名: | Xinglong Xie Ping Shi |
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作者单位: | [1]School of Economics and Management of Northwest University [2]Xi'an, Shaanxi Province, P. R. China, 710069 |
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摘 要: | The debate on Rules and the discretionary approach is a long-term topic in the implementation of Central Monetary Policy. Time inconsistency enables rule advocates to have a firmer theoretical foundation in the degree of confidence, but the discretionary approach is adopted by U.S. FRB more often due to feasibility. The Taylor rule, as a simple tool, is only used as a guideline, which cannot better account for the making of complex monetary policy. A general targeting rule is relatively thorough and U.S.FRB can adopt the discretionary approach based on rules. Moreover, it can predict and judge the possible economic situation in the future. This paper probes into the micro-pitfalls in U.S. FRB's monetary policy theories, and puts forward proposals on how tochange them, through the general equilibrium model of money and deflation.
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On Making Monetary Policies by U.S. Federal Reserve Board and Direction of Development |
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Abstract: | |
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Keywords: | rule the discretionary approach Taylor rule |
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