The U.S. economy performed well across the board in 1997, with low unemployment, robust economic growth, and the lowest sustained inflation in decades. Nevertheless, the current framework for monetary policymaking does not ensure that inflation is down for the count, says Federal Reserve Bank of...

In light of recent research findings, Michael J. Dueker and Andreas M. Fischer review the 1996 policy posture of the Federal Open Market Committee (FOMC), the monetary policymaking body of the Federal Reserve System. They find several areas in which the FOMC's policy positions were consistent...

The Federal Reserve has made significant changes in its predisposition to release information over time. This paper reports the results of experimental asset markets designed to investigate how the public disclosure of uncertain information affects market and individual outcomes. In one set of...