US Monetary Policy and the Return to Price Stability

Richard H. Clarida

8 citations0/0 files storedNational Bureau of Economic Research

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Monetary Policy and Economic Impact Market Dynamics and Volatility Economic theories and models

Abstract

This paper assesses the proximate causes of the post pandemic surge in US inflation, the Federal Reserve's real time reaction to and interpretation of incoming data in 2021, and the pivot to raising rates and shrinking the balance sheet that commenced in 2022 and continues in 2023.Particular attention is devoted to the role, if any, that Fed's August 2020 revisions to its monetary policy framework may have played in delaying lift -off relative to counterfactuals informed by simple policy rules, including a framework -consistent "shortfalls" policy rule featured in its semi -annual Monetary Policy Reports.

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References

2020The New Tools of Monetary Policy 2022Understanding U.S. Inflation During the COVID Era 2019Monetary Policy Strategies for a Low-Rate Environment 2021Monetary Policy in Times of Structural Reallocation 2021The COVID-19 Crisis and the Federal Reserve's Policy Response 2022Understanding U.S. Inflation During the COVID Era 1999Monetary Policy and Price Stability 2022A Note on Temporary Supply Shocks with Aggregate Demand Inertia

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