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Fear of liftoff : uncertainty, rules and discreation in monetary policy normalization

Orphanides, Athanasios - 2015

The Federal Reserve's muddled mandate to attain simultaneously the incompatible goals of maximum employment and price stability invites short-term-oriented discretionary policymaking inconsistent with the systematic approach needed for monetary policy to contribute best to the economy over time....

Persistent link: https://www.econbiz.de/10011327424

The boundaries of central bank independence : lessons from unconventional times

Orphanides, Athanasios - 2018

Geldpolitik auch beim Einsatz unkonventioneller Maßnahmen erfolgreich ist? Athanasios Orphanides analysiert die Maßnahmen der Bank …What institutional arrangements for an independent central bank with a price stability mandate promote good policy … encourages the central bank to eschew the decisive quantitative easing needed to reflate the economy and instead to accommodate …

Persistent link: https://www.econbiz.de/10011901698

Enhancing resilience with natural growth targeting

Orphanides, Athanasios - 2024

Despite a number of helpful changes, including the adoption of an inflation target, the Fed's monetary policy strategy proved insufficiently resilient in recent years. While the Fed eased policy appropriately during the pandemic, it fell behind the curve during the post-pandemic recovery. During...

Persistent link: https://www.econbiz.de/10014479735

The forward guidance trap

Orphanides, Athanasios - 2023

This paper examines the policy experience of the Fed, ECB and BOJ during and after the Covid-19 pandemic and draws lessons for monetary policy strategy and its communication. All three central banks provided appropriate accommodation during the pandemic but two failed to unwind this...

Persistent link: https://www.econbiz.de/10014380456