Board of Governors of the Federal Reserve System

Policy Report of February 2012 Next Monetary Policy Report of July 2011...Policy Report of February 2012 Part 1 Overview: Monetary Policy and the

Policy Federal law establishes the goals of monetary policy. The Federal...background of stable prices is thought to encourage capital formation

and, therefore, I am happy to address this audience on the topic of the...background of stable prices is thought to encourage capital formation

And, as with fiscal policy, if the long-term anchor is holding, the Fed...approach is the so-called Taylor rule, named after John Taylor. Under

approach problems. Economists share a useful shorthand vocabulary -- sometimes...and, far more important, an appreciation for how much is not known about

and, unless contained, threaten the underlying stability of our economy...and, in the process, being willing to suppress economic growth, retard

policy artist." As I develop my perspective on monetary policy, I will...policy, because that is what good policy should deliver. It is widely

policy as its primary stabilization tool and let fiscal policy influence...policy. Summing the two components, for monetary policy the inside lag

policy--and why it serves our interests at the Federal Reserve Board to...And, as a former academic, I should also stress that research is in a

policy mission and, beyond, to the American people. These twin goals do...policy actions and, over time, to explaining our decision and our sense