Abstract
This special issue of the International Journal of Central Banking includes revisions of five of the papers presented at the Federal Reserve System’s “Conference on Monetary Policy Strategy, Tools, and Communication Practices (A Fed Listens Event).”1 This conference, which was held at the Federal Reserve Bank of Chicago on June 4–5, 2019, was part of the Federal Open Market Committee’s 2019 review of the framework with which it pursues its monetary policy goals of price stability and maximum employment.2 The five papers included in this volume cover some of the key issues pertinent in assessing whether, and in what ways, the Federal Reserve might refine its monetary policy strategy, tools, and communications to more effectively achieve its monetary policy goals, especially in an economic environment that has changed in a number of ways, including a higher likelihood that equilibrium interest rates will be lower than in past decades and that the policy rate will need to move to its effective lower bound more often than in the past.
Authors
- Loretta J. Mester