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1、14THJACQUESPOLAKANNUALRESEARCHCONFERENCENOVEMBER7–8,2013TheFederalReserve’sFrameworkforMonetaryPolicy—RecentChangesandNewQuestionsWilliamB.EnglishFederalReserveBoardJ.DavidLópez-SalidoFederalReserveBoardRobertJ.TetlowFederalReserveBoardPaperpresentedatthe14thJacquesPolakAnnualResearchConferenceHost
2、edbytheInternationalMonetaryFundWashington,DC─November7–8,2013Theviewsexpressedinthispaperarethoseoftheauthor(s)only,andthepresenceofthem,oroflinkstothem,ontheIMFwebsitedoesnotimplythattheIMF,itsExecutiveBoard,oritsmanagementendorsesorsharestheviewsexpressedinthepaper.TheFederalReserve’sFrameworkfo
3、rMonetaryPolicy—RecentChangesandNewQuestions*WilliamB.EnglishJ.DavidLópez-SalidoRobertJ.TetlowOctober18,2013AbstractInrecentyears,theFederalReservehasmadesubstantialchangestoitsframeworkformonetarypolicymakingbyprovidinggreaterclarityregardingitsobjectives,itsintentionsregardingtheuseofmonetarypoli
4、cy—includingnontraditionalpolicytoolssuchasforwardguidanceandassetpurchases—inthepursuitofthoseobjectives,anditsbroaderpolicystrategy.Thesechangesreflectedbotharesponsetochangesineconomists’understandingofthemosteffectivewaytoimplementmonetarypolicyandaresponsetospecificchallengesposedbythefinancia
5、lcrisisanditsaftermath,particularlytheeffectivelowerboundonnominalinterestrates.WetracetherecentevolutionoftheFederalReserve’sframework,anduseasmall-scalemacromodelandasimplestaticmodeltohelpilluminatetheapproachestakenwithnontraditionalmonetarypolicytools.Anumberofforeigncentralbankshavemadesimila
6、rinnovationsinresponsetosimilardevelopments.Onbalance,theFederalReservehasmovedcloserto“flexibleinflationtargeting,”buttheFederalReserve’sapproachincludesabalancedfocusontwoobjectivesandtheuseofaflexiblehorizonoverwhichpolicyaimstofosterthoseobjectives.Goingforward,furtherchangesincentralbanks’fram
7、eworksmaybeneededtoaddressissuesraisedbythefinancialcrisis.Forexample,somehavesuggestedthatthesustainedperiodattheeffectivelowerboundpointstotheneedforcentralbankstoestablishadifferentpolicyobjective,suchas
