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1、14THJACQUESPOLAKANNUALRESEARCHCONFERENCENOVEMBER7–8,2013TheFederalReserve’sFrameworkforMonetaryPolicy—RecentChangesandNewQuestionsWilliamB.EnglishFederalReserveBoardJ.DavidLópez-SalidoFederalReserveBoardRobertJ.TetlowFederalReserveBoardPaperpresentedatthe14thJacquesPolakAnnualResearchConferenceH
2、ostedbytheInternationalMonetaryFundWashington,DC─November7–8,2013Theviewsexpressedinthispaperarethoseoftheauthor(s)only,andthepresenceofthem,oroflinkstothem,ontheIMFwebsitedoesnotimplythattheIMF,itsExecutiveBoard,oritsmanagementendorsesorsharestheviewsexpressedinthepaper.TheFederalReserve’sFrame
3、workforMonetaryPolicy—RecentChangesandNewQuestions*WilliamB.EnglishJ.DavidLópez-SalidoRobertJ.TetlowOctober18,2013AbstractInrecentyears,theFederalReservehasmadesubstantialchangestoitsframeworkformonetarypolicymakingbyprovidinggreaterclarityregardingitsobjectives,itsintentionsregardingtheuseofmon
4、etarypolicy—includingnontraditionalpolicytoolssuchasforwardguidanceandassetpurchases—inthepursuitofthoseobjectives,anditsbroaderpolicystrategy.Thesechangesreflectedbotharesponsetochangesineconomists’understandingofthemosteffectivewaytoimplementmonetarypolicyandaresponsetospecificchallengesposedb
5、ythefinancialcrisisanditsaftermath,particularlytheeffectivelowerboundonnominalinterestrates.WetracetherecentevolutionoftheFederalReserve’sframework,anduseasmall-scalemacromodelandasimplestaticmodeltohelpilluminatetheapproachestakenwithnontraditionalmonetarypolicytools.Anumberofforeigncentralbank
6、shavemadesimilarinnovationsinresponsetosimilardevelopments.Onbalance,theFederalReservehasmovedcloserto“flexibleinflationtargeting,”buttheFederalReserve’sapproachincludesabalancedfocusontwoobjectivesandtheuseofaflexiblehorizonoverwhichpolicyaimstofosterthoseobjectives.Goingforward,furtherchangesi
7、ncentralbanks’frameworksmaybeneededtoaddressissuesraisedbythefinancialcrisis.Forexample,somehavesuggestedthatthesustainedperiodattheeffectivelowerboundpointstotheneedforcentralbankstoestablishadifferentpolicyobjective,suchas
