Policy Rules and Targets : Framing the Central Banker ’ s Problem

@inproceedings{Cecchetti1998PolicyRA,
  title={Policy Rules and Targets : Framing the Central Banker ’ s Problem},
  author={Stephen G. Cecchetti},
  year={1998}
}
  • Stephen G. Cecchetti
  • Published 1998
entral bank policymakers are not primarily random number generators. 1 Reading both the financial press and the work of academics, however, one might get the opposite impression. Reporters (and the readers of their stories) seem to attach considerable importance to each Federal Open Market Committee policy decision. Academic work on the impact of central bank policy gives a similar impression, as statistical procedures produce a time series of pure white noise innovations that are labeled… CONTINUE READING
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