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The Federal ReserveWhat Everyone Needs to Know$
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Stephen H. Axilrod

Print publication date: 2013

Print ISBN-13: 9780199934485

Published to Oxford Scholarship Online: September 2013

DOI: 10.1093/acprof:oso/9780199934485.001.0001

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The Formulation and Communication of Monetary Policy

The Formulation and Communication of Monetary Policy

(p.64) 5 The Formulation and Communication of Monetary Policy
The Federal Reserve

Stephen H. Axilrod

Oxford University Press

This chapter discusses the Fed's development and communication of monetary policy. It asks what the institutional structure for monetary policy decisions is and looks at what material is provided to the Federal Open Market Committee for discussion of the economic outlook. It asks questions such as: what material is provided to help the Committee form its monetary policy decision? How do Committee members conduct their discussion of the economy and monetary policy? And what, in general, are the main influences on the Fed's policy decision? It considers how Committee members frame and communicate their decision about policy and how influential the chairman in the policy votes is. Finally it asks: why has the Fed become much more open about policy in recent decades? Can there be too much openness?

Keywords:   Federal Reserve System, Federal Open Market Committee, monetary policies, policy development

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