Finance and Economics Discussion Series (FEDS)
September 2007
Will Monetary Policy Become More of a Science?
Frederic S. Mishkin
Abstract:
This paper reviews the progress that the science of monetary policy has made over recent decades. This progress has significantly expanded the degree to which the practice of monetary policy reflects the application of a core set of "scientific" principles. However, there remains, and will likely always remain, elements of art in the conduct of monetary policy.
Full Paper (Screen Reader Version)Keywords: Central banking, monetary policy
PDF: Full Paper
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