The low and stable inflation that the Fed has relentlessly pursued over the past decade or so has buoyed virtually all demographic groups, enabling most Americans to do a lot more than just keep their heads above water.

The housing market is of central concern to monetary policy makers. To achieve the dual goals of price stability and maximum sustainable employment, monetary policy makers must understand the role that housing plays in the monetary transmission mechanism if they are to set policy instruments...

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...