System Analytical Work
At five FOMC meetings between July 2019 and January 2020, the FOMC discussed aspects of its monetary policy framework. These discussions were informed by analytical work by research staff across the Federal Reserve System and reported in the FOMC meeting minutes. The FEDS Note, "The Federal Reserve's Review of its Monetary Policy Framework: A Roadmap," provides an introduction to the analytical work and a brief description of each FEDS Paper listed below. Thirteen memos were presented to the Committee in advance of their framework review discussions: the FEDS Note and the 11 FEDS Papers below, as well as a memo on the Fed Listens initiative, which is part of the Fed Listens report (PDF).
FEDS Note: "The Federal Reserve's Review of Its Monetary Policy Framework: A Roadmap"
David Altig, Federal Reserve Bank of Atlanta; Jeff Fuhrer, Federal Reserve Bank of Boston; Marc P. Giannoni, Federal Reserve Bank of Dallas; Thomas Laubach, Federal Reserve Board
FEDS Paper 2020-065: "Monetary Policy and Economic Performance since the Financial Crisis"
Dario Caldara, Federal Reserve Board; Etienne Gagnon, Federal Reserve Board; Enrique Martínez-García, Federal Reserve Bank of Dallas; and Christopher J. Neely, Federal Reserve Bank of St. Louis
FEDS Paper 2020-066: "Monetary Policy Tradeoffs and the Federal Reserve's Dual Mandate"
Andrea Ajello, Federal Reserve Board; Isabel Cairó, Federal Reserve Board; Vasco Cúrdia, Federal Reserve Bank of San Francisco; Thomas A. Lubik, Federal Reserve Bank of Richmond; and Albert Queralto, Federal Reserve Board
FEDS Paper 2020-067: "Strengthening the FOMC's Framework in View of the Effective Lower Bound and Some Considerations Related to Time-Inconsistent Strategies"
Fernando Duarte, Federal Reserve Bank of New York; Benjamin K. Johannsen, Federal Reserve Board; Leonardo Melosi, Federal Reserve Bank of Chicago; and Taisuke Nakata, Federal Reserve Board
FEDS Paper 2020-068: "Alternative Strategies: How Do They Work? How Might They Help?"
Jonas Arias, Federal Reserve Bank, Philadelphia; Martin Bodenstein, Federal Reserve Board; Hess Chung, Federal Reserve Board; Thorsten Drautzburg, Federal Reserve Bank, Philadelphia; and Andrea Raffo, Federal Reserve Board
FEDS Paper 2020-069: "How Robust Are Makeup Strategies to Key Alternative Assumptions?"
James Hebden, Federal Reserve Board; Edward P. Herbst, Federal Reserve Board; Jenny Tang, Federal Reserve Bank of Boston; Giorgio Topa, Federal Reserve Bank of New York; and Fabian Winkler, Federal Reserve Board
FEDS Paper 2020-070: "Issues regarding the Use of the Policy Rate Tool"
Jeffrey Campbell, Federal Reserve Bank of Chicago; Thomas B. King, Federal Reserve Bank of Chicago; Anna Orlik, Federal Reserve Board; and Rebecca Zarutskie, Federal Reserve Board
FEDS Paper 2020-071: "Issues in the Use of the Balance Sheet Tool"
Mark Carlson, Federal Reserve Board; Stefania D'Amico, Federal Reserve Bank of Chicago; Cristina Fuentes-Albero, Federal Reserve Board; Bernd Schlusche, Federal Reserve Board; and Paul Wood, Federal Reserve Board
FEDS Paper 2020-072: "Unemployment Rate Benchmarks"
Richard K. Crump, Federal Reserve Bank of New York; Christopher J. Nekarda, Federal Reserve Board; and Nicolas Petrosky-Nadeau, Federal Reserve Bank of New York
FEDS Paper 2020-073: "Distributional Considerations for Monetary Policy Strategy"
Laura Feiveson, Federal Reserve Board; Nils Goernemann, Federal Reserve Board; Julie Hotchkiss, Federal Reserve Bank of Atlanta; Karel Mertens, Federal Reserve Bank of Dallas; Jae Sim, Federal Reserve Board
FEDS Paper 2020-074: "Monetary Policy Strategies and Tools: Financial Stability Considerations"
Jonathan Goldberg, Federal Reserve Board; Elizabeth Klee, Federal Reserve Board; Edward Simpson Prescott, Federal Reserve Bank of Cleveland; and Paul Wood, Federal Reserve Board
FEDS Paper 2020-075: "Considerations Regarding Inflation Ranges"
Hess Chung, Brian M. Doyle, James Hebden, and Michael Siemer, Federal Reserve Board