The Fed is reviewing how it should respond to trying economic times
thinks the Federal Reserve is a national forest.” That reminder that the general public has little idea what a central banker does was offered by an incumbent governor of the Federal Reserve to Alan Blinder when he joined in 1994. He passed it on 25 years later, on June 4th, to a star-studded group of economists and policymakers gathered at the Federal Reserve Bank of Chicago to discuss the Fed’s first public review of its framework.
Lars Svensson of the Stockholm School of Economics argued for an average inflation target, on the grounds that it could move inflation expectations in the right direction when interest rates hit the lower bound and would be relatively easy to communicate. It could also allow the Fed to rely less on big financial interventions such as quantitative easing, which other speakers warned could mean risks to financial stability building up.
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