Review - Federal Reserve Bank of St. Louis

Review - Federal Reserve Bank of St. Louis is a magazine focusing on Finance

Articles from Vol. 84, No. 4, July/August

Are Contemporary Central Banks Transparent about Economic Models and Objectives and What Difference Does It Make? / Commentary
1. INTRODUCTION Authority over monetary policy has increasingly been delegated to central banks with substantially higher levels of independence than in the past. This worldwide trend has propelled the twin issues of accountability and transparecny to...
Central Bank Structure, Policy Efficiency, and Macroeconomic Performance: Exploring Empirical Relationships / Commentary
I. INTRODUCTION All economists agree that more information is better than less. When people are better informed, they make better decisions, enhancing the efficiency of the economy in allocating resources and improving overall welfare. It would be difficult...
Chairman's Remarks
It is my pleasure to address this distinguished group that President Poole and his colleagues have assembled to consider the timely issue of transparency in monetary policy We at the Federal Reserve are given two mandates that are not often spelled out...
Does Inflation Targeting Matter? / Commentary
1. INTRODUCTION Since it was first introduced by New Zealand and Chile in 1990, Canada in 1991, and the United Kingdom in 1992, inflation targeting (IT) has received a lot of attention in the public and academic debate over the design of monetary policy...
Does It Pay to Be Transparent? International Evidence from Central Bank Forecasts / Commentary
I. INTRODUCTION The past decade witnessed an increased interest in the institutional framework of monetary policy The benefits of central bank independence have been demonstrated in much academic research and have become conventional wisdom among policymakers....
Editor's Introduction
The Twenty-Sixth Annual Economic Policy Conference was devoted to the issue of monetary policy transparency. The five papers covered a wide range of topics: Some focused on the value of transparency in the conduct of monetary policy from both theoretical...
Market Anticipations of Monetary Policy Actions / Commentary
The purpose of this paper is to investigate the extent to which market participants anticipate Federal Reserve policy actions. The topic is central to macroeconomics. Since the early 1970s theorists have emphasized that a complete model of the economy...
Panel Discussion: Transparency in the Practice of Monetary Policy
In this paper, I discuss transparency in the conduct of monetary policy from three perspectives. First, I look at why central banks have chosen to become more transparent in recent years. I then set out the measures taken by the Bank of Canada to increase...
President's Message
On September 11, 2001, the United States was subjected to a vicious terrorist attack. I'm sure that the country will have many special observances on the annual anniversary of that day indefinitely into the future. At this conference, held on the one-month...