Monetary Policy Framework

Overview of Monetary Policy | Financial Markets FAQs | The FOMC | Articles about Policymaking | Statements and Press Releases on Policymaking | Testimony and Speeches about Current Policy

Overview of Monetary Policy

Legislative Mandates

The Federal Reserve Act of 1913 established the Federal Reserve System to provide the United States with a safer, more flexible and stable monetary supply and financial system.

The Full Employment and Balanced Growth Act of 1978 (a.k.a., the Humphrey-Hawkins Act). Other legislation regarding the Federal Reserve includes the Congressional Act directed the Fed "to promote effectively the goals of:

• maximum employment,
• stable prices and
• moderate long-term interest rates.

In passing this Act, Congress declared that it would monitor the Federal Reserve Board's actions. The Federal Reserve chairman was commissioned to testify before Congress each February and July first to the House Banking Committee followed by the Senate Banking Committee several days later.

To allow adequate time for the preparation, the first FOMC meeting of the year and the midyear meeting are two days long rather than one.

During these Congressional testimonies, the chairman:

• summarized FOMC's views on current economic conditions and
• set target ranges for various economic variables that depicted growth and inflation.

The official Humphrey-Hawkins Act actually expired in the late 1990s. Although the Federal Reserve chairman is no longer required to testify before the Senate and Housing Banking Committees, nonetheless, the semiannual testimonies continue.

Why? Because the Federal Reserve System is an act of Congress, and the FOMC wants to keep the lines of communication open. In fact, since the late 1990s, Chairman Greenspan has testified even more frequently before House and Senate committees than he did during the years in which the Humphrey-Hawkins legislation was in place.

Evolving Goals

Price Stability: During the early days, the gold standard was expected to stabilize the price level. The Fed provided reserves to:

• accommodate the need for credit,
• finance trade and
• provide currency to avoid financial panics.

Economic Stability: Following the Great Depression and World War II, economic stabilization became a primary goal. Inflationary forces of the 1970s produced the long-run objective of price stability. Maximum sustainable economic growth evolved as an over-arching goal as a result of 1978 legislation and economic conditions.

Evolving Tools

During the early years, the lending from the discount window (i.e., loans the Federal Reserve made to their member banks), was the predominant tool used to adjust banks' reserve balances at the Fed.

Currently, open-market operations, (i.e. the Fed's buying and selling of treasury securities in the financial market) is currently the main tool used to affect banks' reserves and, thus money and credit in the economy.

Although reserve requirements can have a powerful impact in the policy process, they have generally played a subsidiary role. Because banks use their reserve balances to settle interbank transactions¸ they need more reserves for clearing and settlement than to meet reserve requirements.

Back to top

Frequently Asked Questions about Financial Markets

Back to top

The FOMC

The Three Goals of Monetary Policy

1. price stability
2. full employment
3. stable financial markets

What Is Monetary Policymaking?

• Refers to the process used to manage the U.S. money supply
• Achieved through specific policy tools
  • Open Market Operations (OMO)—most frequently used tool; targets the federal funds rate
  • Discount Rate Lending—usually changed in sync with the federal funds target rate
  • Reserve Requirement—almost never changed

Reserve Requirements

• The percentage of deposits banks must either hold in vault cash or at the Fed.
• This money cannot be loaned.
• Specific percentage is set by the FR Board—within limits set by the law.

Discount Window Lending — Primary Credit Rate

• The interest rate charged by the Fed when Reserve Banks makes loans to banks.
• This rate is requested by regional Reserve Banks and approved by the Board of Governors
• The purpose of discount window lending is to ensure basic stability of the banking system by supplying liquidity during times of systemic stress.

The Federal Funds Rate and the Fed's Open Market Operations

• Depository institutions (DIs) may hold reserve balances ($$$ excess reserves) at Federal Reserve Banks, or DIs can lend these reserves to one another in the federal funds market.
• The federal funds rate is the interest rate at which DIs borrow and lend federal funds to each other overnight.
• The Fed's open-market operations change bank reserves. Changes in bank reserves change the supply of loanable funds in that market, which also changes the federal funds rate.

Targeting the Federal Funds Rate

• To put downward pressure on the federal funds rate, the Fed buys treasury securities from banks' portfolios. This purchase puts more "cash in the banks' pockets" or increases bank funds available for consumers and businesses to borrow.
• To put upward pressure on the federal funds rate, the Fed has to decrease loanable funds in the federal funds (intrabank) market. The Fed does this by selling treasury securities to banks. Banks then have fewer funds available for consumers and businesses to borrow.

The Purpose of Targeting the Federal Funds Rate

When banks make loans, spending increases.

• In the long-run, spending directly influences price levels by changing demand for goods and services.
• In the short-run, spending levels may affect output and employment.

Who Makes Monetary Policy?

• The Federal Open Market Committee (FOMC) is composed of the Federal Reserve Board of Governors and the 12 regional Reserve Bank presidents.

The Board of Governors

• Seven members
• Presidential appointment with senate approval
• 14-year, staggered terms
• Chairman appointment by president for four-year term as chair

Ben S. Bernanke, Chairman	Donald L. Kohn, Vice Chairman	Randall S. Kroszner
Kevin M. Warsh	Frederic S. Mishkin

Reserve Bank Presidents and Their Roles in Preparing for the FOMC

• Reserve Bank presidents are appointed by their Reserve Bank's Board of Directors with approval from the Board of Governors.
• Prior to each FOMC meeting, all 12 Reserve Bank presidents are briefed on regional, national and international economic conditions by their District's staff of research economists.
• All 12 Bank presidents provide input at the FOMC meetings, but only five of them vote.
  • The president of FRB New York always votes.
  • The remaining Reserve Bank presidents rotate every two to three years into voting positions.

The FOMC Meetings—What Goes on Behind Closed Doors?

• Board staff report on economic conditions.
• Board of Governors and FRB presidents discuss their views of the economy.
• Board staff give monetary policy options:
  1. tighten,
  2. loosen or
  3. leave policy the same.
• The Board and FRB presidents debate the issues.
• The vote is taken.
• 12 votes are cast at each FOMC meeting:
  • seven members of the Board of Governors plus
  • five of the Bank Presidents
• The federal funds target is identified.
• FOMC agrees on the statement which will be released to the news media at the end of the meeting.
  • Following each meeting the news release is posted at www.FederalReserve.gov/boarddocs/press/monetary/2005/

For More on Monetary Policymaking

• In Plain English: Making Sense of the Federal Reserve

• www.FederalReserveEducation.org

Back to top

Articles about Policymaking

Expectations, Communications, and Monetary Policy — From the April 15, 2005 issue of Economic Commentary, a publication by the Research Department of the Federal Reserve Bank of Cleveland.

Back to top

Statements and Press Releases on Policymaking

Press release - Aug. 17, 2007: "To promote the restoration of orderly conditions in financial markets, the Federal Reserve Board approved temporary changes to its primary credit discount window facility." (More)

Press release - Aug. 10, 2007: "The Federal Reserve is providing liquidity to facilitate the orderly functioning of financial markets." (More)

Press release - Sept. 17, 2001: "The Federal Open Market Committee decided today to lower its target for the federal funds rate by 50 basis points to 3 percent." (More)

Press release - Sept. 11, 2001: "The Federal Reserve System is open and operating." (More)

Back to top

Testimony and Speeches about Current Policy

2008

• Financial Market Turmoil and the Federal Reserve: The Plot Thickens — Speech by Governor Kevin Warsh at the New York University School of Law Global Economic Policy Forum, New York, New York — April 14, 2008
• Dedication Remarks — Speech by Vice Chairman Donald L. Kohn at the Dedication of the New Seattle Branch Building of the Federal Reserve Bank of San Francisco, Renton, Washington — April 7, 2008
• Global Economic and Financial Challenges: Implications for Latin America — Speech by Governor Randall S. Kroszner at the Annual Meeting of the Board of Governors of the Inter-American Development Bank, Miami, Florida — April 4, 2008
• Central Bank Commitment and Communication — Speech by Governor Frederic S. Mishkin at the Princeton University Center for Economic Policy Studies Dinner, New York, New York — April 3, 2008
• Developments in the Financial Markets — Testimony by Chairman Ben S. Bernanke before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate — April 3, 2008
• Comfort Zones, Shmumfort Zones — Speech by Governor Frederic S. Mishkin at the Sandridge Lecture of the Virginia Association of Economists and the H. Parker Willis Lecture of Washington and Lee University, Lexington, Virginia — March 27, 2008
• Protecting Homeowners and Sustaining Homeownership — Speech by Governor Randall S. Kroszner at the National Association of Hispanic Real Estate Professionals Legislative Conference 2008, Washington, D.C. — March 27, 2008
• Fostering Sustainable Home Ownership — Speech by Chairman Ben S. Bernanke at the National Community Reinvestment Coalition Annual Meeting, Washington, D.C. — March 14, 2008
• The Importance of Fundamentals in Risk Management — Speech by Governor Randall S. Kroszner at the American Bankers Association Spring Summit Meeting, Washington, D.C — March 11, 2008
• Implications of Globalization for the Conduct of Monetary Policy — Speech by Vice Chairman Donald L. Kohn at the International Symposium of the Banque de France, Paris, France — March 7, 2008
• Exchange Rate Pass-Through and Monetary Policy — Speech by Governor Frederic S. Mishkin at the Norges Bank Conference on Monetary Policy, Oslo, Norway — March 7, 2008
• Outlook and Risks for the U.S. Economy — Speech by Governor Frederic S. Mishkin at the National Association for Business Economics Washington Policy Conference, Washington, D.C. — March 4, 2008
• Condition of the U.S. Banking System — Testimony of Vice Chairman Donald L. Kohn before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate — March 4, 2008
• Reducing Preventable Mortgage Foreclosures — Speech by Chairman Ben S. Bernanke At the Independent Community Bankers of America Annual Convention, Orlando, Florida — March 4, 2008
• Liquidity-Risk Management in the Business of Banking — Speech by Governor Randall S. Kroszner at the Institute of International Bankers Annual Washington Conference, Washington, D.C. — March 3, 2008
• "Leveraged Losses: Lessons from the Mortgage Meltdown" — Remarks by Governor Frederic S. Mishkin at the U.S. Monetary Policy Forum, New York, New York — Feb. 29, 2008
• Semiannual Monetary Policy Report to the Congress — Testimony of Chairman Ben S. Bernanke before the Committee on Financial Services, U.S. House of Representatives — Feb. 27, 2008
• The U.S. Economy and Monetary Policy — Speech by Vice Chairman Donald L. Kohn at the University of North Carolina at Wilmington, Cameron School of Business' Business Week Program, Wilmington, North Carolina — Feb. 26, 2008
• Does Stabilizing Inflation Contribute to Stabilizing Economic Activity? — Speech by Governor Frederic S. Mishkin at East Carolina University's Beta Gamma Sigma Distiguished Lecture Series, Greenville, North Carolina — Feb. 25, 2008
• Improving Risk Management in Light of Recent Market Events — Speech by Governor Randall S. Kroszner at the Global Association of Risk Management Professionals Annual Risk Convention, New York, New York — Feb. 25, 2008
• The Federal Reserve's Tools for Responding to Financial Disruptions — Speech by Governor Frederic S. Mishkin at the Tuck Global Capital Markets Conference, Tuck School of Business, Dartmouth College, Hanover, New Hampshire — Feb. 15, 2008
• The Economy and Financial Markets — Testimony of Chairman Ben S. Bernanke before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate — Feb. 14, 2008
• Reflections —Speech by Federal Reserve Bank of St. Louis President William Poole at the St. Louis Gateway Chapter of the National Association for Business Economics, St. Louis — Feb. 11, 2008
• Protecting Homeowners and Sustaining Home Ownership — Speech by Governor Randall S. Kroszner at the American Securitization Forum 2008 Conference, Las Vegas, Nevada — Feb. 4, 2008
• The Economic Outlook — Testimony of Chairman Ben S. Bernanke before the Committee on the Budget, U.S. House of Representatives — Jan. 17, 2008
• Monetary Policy Flexibility, Risk Management, and Financial Disruptions — Speech by Governor Frederic S. Mishkin at the Federal Reserve Bank of New York, New York, New York— Jan. 11, 2008
• Financial Markets, the Economic Outlook, and Monetary Policy — Speech by Chairman Ben S. Bernanke at the Women in Housing and Finance and Exchequer Club Joint Luncheon, Washington, D.C.— Jan. 10, 2008
• Recent and Prospective Developments in Monetary Policy Transparency and Communications: A Global Perspective — Speech by Vice Chairman Donald L. Kohn at the National Association for Business Economics Session, Allied Social Science Associations Annual Meeting, New Orleans, Louisiana — Jan. 5, 2008
• Expertise and Macroeconomic Policy, Comments on "Insiders versus Outsiders in Monetary Policy-Making," by Timothy Besley, Neil Meads, and Paolo Surico — Speech by Vice Chairman Donald L. Kohn at the American Economic Association Session, Allied Social Science Associations Annual Meeting, New Orleans, Louisiana — Jan. 4, 2008

2007

• Market Bailouts and the "Fed Put" — Speech by Federal Reserve Bank of St. Louis President William Poole at the Cato Institute, Washington, D.C. — Nov. 30, 2007
• Innovation, Information, and Regulation in Financial Markets — Speech by Governor Randall S. Kroszner at the Philadelphia Fed Policy Forum, Philadelphia, Pennsylvania — Nov. 30, 2007
• The Federal Reserve’s Enhanced Communication Strategy and the Science of Monetary Policy — Speech by Governor Frederic S. Mishkin to the Undergraduate Economics Association, Massachusetts Institute of Technology, Cambridge, Massachusetts — Nov. 29, 2007
• National and regional economic overview — Speech by Chairman Ben S. Bernanke at the presentation of the Citizen of the Carolinas Award, Charlotte Chamber of Commerce, Charlotte, North Carolina — Nov. 29, 2007
• Financial Markets and Central Banking — Speech by Vice Chairman Donald L. Kohn at C. Peter McColough Series on International Economics, Council on Foreign Relations, New York, New York — Nov. 28, 2007
• Risk Management and the Economic Outlook — Speech by Governor Randall S. Kroszner at the Conference on Competitive Markets and Effective Regulation, Institute of International Finance, New York, New York — Nov. 16, 2007
• Federal Reserve Communications — Speech by Chairman Ben S. Bernanke at the Cato Institute 25th Annual Monetary Conference, Washington, D.C. — Nov. 14, 2007
• Implementing Basel II in the United States — Speech by Governor Randall S. Kroszner at the Standard & Poor's Bank Conference 2007, New York, New York — Nov. 13, 2007
• The Economic Situation and Outlook — Testimony of Chairman Ben S. Bernanke before the Joint Economic Committee, U.S. Congress — Nov. 8, 2007
• The End of History? — Speech by Governor Kevin Warsh to the New York Association for Business Economics, New York, New York — Nov. 7, 2007
• Microfinance in the United States — Speach by Chairman Ben S. Bernanke at the ACCIÓN Texas Summit on Microfinance in the United States, San Antonio, Texas — Nov. 6, 2007
• The Challenges Facing Subprime Mortgage Borrowers — Speech by Governor Randall S. Kroszner at the Consumer Bankers Association 2007 Fair Lending Conference, Washington, D.C. — Nov. 5, 2007
• Financial Instability and Monetary Policy — Speech by Governor Frederic S. Mishkin at the Risk USA 2007 Conference, New York, New York — Nov. 5, 2007
• Financial Instability and the Federal Reserve as a Liquidity Provider — Speech by Governor Frederic S. Mishkin at the Museum of American Finance Commemoration of the Panic of 1907, New York, New York — Oct. 26, 2007
• Recent Events in Financial Markets — Speech by Governor Randall S. Kroszner at the Institute of International Bankers Annual Breakfast Dialogue, Washington, D.C. — Oct. 22, 2007
• Headline versus Core Inflation in the Conduct of Monetary Policy — Speech by Governor Frederic S. Mishkin at the Business Cycles, International Transmission and Macroeconomic Policies Conference, HEC Montreal, Montreal, Canada — Oct. 20, 2007
• Monetary Policy under Uncertainty — Speech by Chairman Ben S. Bernanke at the 32nd Annual Economic Policy Conference, Federal Reserve Bank of St. Louis (via videoconference) — Oct. 19, 2007
• The Recent Financial Turmoil and its Economic and Policy Consequences — Speech by Chairman Ben S. Bernanke at the Economic Club of New York, New York, New York — Oct. 15, 2007
• John Taylor Rules — Speech by Vice Chairman Donald L. Kohn at the Conference on John Taylor's Contributions to Monetary Theory and Policy, Federal Reserve Bank of Dallas, Dallas, Texas —
  Oct. 12, 2007
• Markets, Financial Institutions, and Consumers: The Roles of the Federal Reserve — Speech by Governor Randall S. Kroszner at the National Bankers Association 80th Annual Convention, Durham, North Carolina — Oct. 11, 2007
• Financial Stability and the Federal Reserve — Speech by Governor Kevin Warsh at the New York State Economics Association 60th Annual Conference, Loudonville, New York — Oct. 5, 2007
• Globalization, Macroeconomic Performance, and Monetary Policy — Speech by Governor Frederic S. Mishkin at the Domestic Prices in an Integrated World Economy Conference, Board of Governors of the Federal Reserve System, Washington, D.C. — Sept. 27, 2007
• Education and Economic Competitiveness — Speech by Chairman Ben S. Bernanke at the U.S. Chamber Education and Workforce Summit, Washington, D.C. — Sept. 24, 2007
• Financial Market Developments — Speech by Governor Kevin Warsh to the State University of New York at Albany’s School of Business, Albany, New York — Sept. 21, 2007
• Success and Failure of Monetary Policy since the 1950s — Speech by Vice Chairman Donald L. Kohn at Monetary Policy over Fifty Years, a conference to mark the fiftieth anniversary of the Deutsche Bundesbank, Frankfurt, Germany — Sept. 21, 2007
• Global Imbalances: Recent Developments and Prospects — Speech by Chairman Ben S. Bernanke at the Bundesbank Lecture, Berlin, Germany — Sept. 11, 2007
• Outlook and Risks for the U.S. Economy — Speech by Governor Frederic S. Mishkin to the Money Marketeers of New York University, New York, New York — Sept. 10, 2007
• Housing, Housing Finance, and Monetary Policy — Remarks by Chairman Ben S. Bernanke at the Federal Reserve Bank of Kansas City's Economic Symposium, Jackson Hole, Wyoming — Aug. 31, 2007

• Semiannual Monetary Policy Report to the Congress — Testimony of Chairman Ben S. Bernanke before the Committee on Financial Services, U.S. House of Representatives — July 18, 2007

• Inflation Expectations and Inflation Forecasting — Remarks by Chairman Ben S. Bernanke at the Monetary Economics Workshop of the National Bureau of Economic Research Summer Institute, Cambridge, Massachusetts — July 10, 2007

• Monetary Policy and the Dual Mandate — Remarks by Governor Frederic S. Mishkin at Bridgewater College, Bridgewater, Virginia — April 10, 2007

• Liquidity and Monetary Policy — Remarks by Governor Randall S. Kroszner to the U.S. Monetary Policy Forum, Washington, D.C. — March 9, 2007

• Globalization and Monetary Policy — Remarks by Chairman Ben S. Bernanke at the Fourth Economic Summit, Stanford Institute for Economic Policy Research, Stanford, California — March 2, 2007

• The Economic Outlook — Remarks by Vice Chairman Donald L. Kohn at the Atlanta Rotary Club, Atlanta, Georgia — Jan.y 8, 2007

• The Role of House Prices in Formulating Monetary Policy — Remarks by Governor Frederic S. Mishkin at the Forecasters Club of New York, New York, New York — Jan. 17, 2007

2006

• Monetary Policy and Uncertainty — Remarks by Vice Chairman Donald L. Kohn at the Fourth Conference of the International Research Forum on Monetary Policy, Washington, D.C. — Dec. 1, 2006

• The Economic Outlook — Remarks by Chairman Ben S. Bernanke before the National Italian American Foundation, New York, New York — Nov. 28, 2006

• Financial Markets and the Federal Reserve — Remarks by Governor Kevin M. Warsh at the New York Stock Exchange, New York, New York — Nov. 21, 2006

• Monetary Aggregates and Monetary Policy at the Federal Reserve: A Historical Perspective — Remarks by Chairman Ben S. Bernanke at the Fourth ECB Central Banking Conference, Frankfurt, Germany — Nov. 10, 2006

• The Evolving Role of the Federal Reserve Banks — Remarks by Vice Chairman Donald L. Kohn at the American Bar Association, Banking Law Section, Washington, D.C. — Nov. 3, 2006

• The Economic Outlook — Remarks by Governor Susan S. Bies at the Drake-FEI Lecture, Des Moines, Iowa — Nov. 2, 2006

• Data Dependence — Speech by Federal Reserve Bank of St. Louis President William Poole at Middle Tennessee State University Annual Economic Outlook Conference Murfreesboro, Tenn. — Sept. 29, 2006

• What Drives Productivity Growth? Implications for the Economy and Prospects for the Future — Remarks by Gov. Randall S. Kroszner at the Forecasters Club of New York, New York — Sept. 27, 2006

• Understanding the Fed — Speech by Federal Reserve Bank of St. Louis President William Poole at Dyer County Chamber of Commerce Annual Membership Luncheon, Dyersburg, Tenn. — Aug. 31, 2006

• The Effects of Globalization on Inflation and Their Implications for Monetary Policy — Remarks by Gov. Donald L. Kohn at the Federal Reserve Bank of Boston's 51st Economic Conference, Chatham, Mass. — June 16, 2006

• The Role of Anecdotal Information in Monetary Policy — Speech by Federal Reserve Bank of St. Louis President William Poole at the Bank of Korea International Conference on Monetary Policy in an Environment of Low Inflation, Seoul, Korea — June 16, 2006

• Why Are Yield Curves So Flat and Long Rates So Low Globally? — Remarks by Gov. Randall S. Kroszner at the Bankers' Association for Finance and Trade, New York, New York — June 15, 2006

• Update on the U.S. Economy — Remarks by Gov. Mark W. Olson at the University of Arkansas at Little Rock, Little Rock, Ark. — April 13, 2006

• Monetary Policy and Asset Prices — Remarks by Gov. Donald L. Kohn at “Monetary Policy: A Journey from Theory to Practice,” a European Central Bank colloquium held in honor of Otmar Issing, Frankfurt, Germany — March 16, 2006

• U.S. Monetary Policy in the Global Financial Environment — Remarks by New York Fed President Timothy F. Geithner at the Japan Society Corporate Luncheon, New York — March 9, 2006

• Economic Outlook for the United States — Remarks by Vice Chairman Roger W. Ferguson Jr. at the Howard University Economics Forum, Washington, D.C. — March 3, 2006

• The Benefits of Price Stability — Remarks by Chairman Ben S. Bernanke at the Center for Economic Policy Studies, Princeton University, Princeton, N.J. — Feb. 24, 2006

• Semiannual Monetary Policy Report to Congress — Testimony of Chairman Ben S. Bernanke before the Committee on Financial Services, U.S. House of Representatives — Feb. 15, 2006

• Economic Forecasts and Monetary Policy — Article by Cleveland Fed President Sandra Pianalto in Economic Commentary — Feb. 15, 2006

• Productivity and Economic Outlook — Remarks by Gov. Susan Schmidt Bies before the Tech Council of Maryland's Financial Executive Forum, Bethesda, Maryland — Jan. 18, 2006

2005

• Testimony of Ben S. Bernanke — Nomination hearing before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate — Nov. 15, 2005
  

• Stability and Economic Growth: The Role of the Central Bank — Remarks by Chairman Alan Greenspan (via videoconference) before the Banco de Mexico's 80th Anniversary International Conference, Mexico City — Nov. 14, 2005
  
  
• Monetary Credibility, Inflation and Economic Growth — Remarks by Vice Chairman Roger W. Ferguson Jr.at the Cato Institute's 23rd Annual Monetary Conference on Monetary Institutions & Economic Development, Washington, D.C. — Nov. 3, 2005
  
  
• Economic Outlook for the United States — Remarks by Vice Chairman Roger W. Ferguson Jr. to the Metropolitan Trenton African American Chamber of Commerce, Trenton, N.J., — Oct. 18, 2005
  

• Update on the U.S. Economy and Fiscal Outlook — Remarks by Gov. Mark W. Olson at the Albers School of Business and Economics, Executive Speakers Series, Seattle University, Seattle — Oct. 13, 2005
  
  
• Economic Flexibility — Remarks by Chairman Alan Greenspan before the National Italian American Foundation, Washington, D.C. — Oct. 12, 2005
  

• Globalization, Inflation and Monetary Policy — Remarks by Gov. Donald L. Kohn at the James R. Wilson Lecture Series, College of Wooster, Wooster, Ohio — Oct. 11, 2005
  
  
• Reflections on Central Banking — Remarks by Chairman Alan Greenspan at a symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyo. — Aug. 26, 2005
  
  
• The Politics of Inflation Targeting — Remarks by Gov. Edward M. Gramlich at the Euromoney Inflation Conference, Paris — May 26, 2005
  
  
• Implementing Monetary Policy — Remarks by Gov. Ben S. Bernanke at the Redefining Investment Strategy Education Symposium, Dayton, Ohio — March 30, 2005
  
  
• Future of the Social Security Program and Economics of Retirement — Testimony of Chairman Alan Greenspan before the Special Committee on Aging, U.S. Senate — March 15, 2005
  

• The Global Saving Glut and the U.S. Current Account Deficit — Remarks by Gov. Ben S. Bernanke at the Sandridge Lecture, Virginia Association of Economics, Richmond, Va. — March 10, 2005
  

• Behind the Scenes at the FOMC: How the Federal Reserve Determines Monetary Policy — Remarks by Gov. Susan Schmidt Bies at the Academic Speaker Series, University of Tennessee, Martin, Tenn. — Feb. 7, 2005
  
  
• Central Bank Communication — Remarks by Gov. Donald L. Kohn at the Annual Meeting of the American Economic Association, Philadelphia — Jan. 9, 2005
  
  
• Interpreting Labor Market Statistics in the Context of Monetary Policy — Remarks by Vice Chairman Roger W. Ferguson Jr. to the Andrew Brimmer Policy Forum: National Economic and Financial Policies for Growth, Employment, and the Improvement of Equity, at the 2005 Annual Convention, Allied Social Science Associations, Philadelphia — Jan. 7, 2005

2004

• Equilibrium Real Interest Rate: Theory and Application — Remarks by Vice Chairman Roger W. Ferguson, Jr. to the University of Connecticut School of Business Graduate Learning Center and the SS&C Technologies Financial Accelerator, Hartford, Conn. — Oct. 29, 2004
  
  
• The Federal Reserve System and the Economy — Remarks by Gov. Susan Schmidt Bies
  at the American Association of Individual Investors Washington Chapter Meeting, Arlington, Va. — Oct. 23, 2004
  
  
• How Should Policymakers Deal with Low-Probability, High-Impact Events? — Remarks by Gov. Donald L. Kohn at the European Central Bank Conference on Monetary Policy and Imperfect Knowledge, Würzburg, Germany — Oct. 15, 2004
  
  
• Central Bank Talk and Monetary Policy — Remarks by Gov. Ben S. Bernanke
  at the Japan Society Corporate Luncheon, New York, New York —- Oct. 7, 2004
  
  
• Monetary policy twenty-five years after October 1979 — Remarks by Chairman Alan Greenspan at the Reflections on Monetary Policy 25 Years after October 1979 Conference, Federal Reserve Bank of St. Louis, St. Louis —- Oct. 7, 2004
  
  
• Gradualism — Remarks by Gov. Ben S. Bernanke at an economics luncheon co-sponsored by the Federal Reserve Bank of San Francisco (Seattle Branch) and the University of Washington, Seattle —- May 20, 2004
  
  
• The Federal Open Market Committee and the Formation of Monetary Policy — Remarks by Gov. Mark W. Olson at the 26th Conference of the American Council on Gift Annuities, Orlando, Fla. —- May 5, 2004
  
  
• Macroeconomic Outlook and Uncertainties — Remarks by Vice Chairman Roger W. Ferguson Jr. at the Twelfth District Community Leaders Luncheon, Federal Reserve Bank of San Francisco, San Francisco — April 8, 2004
  
  
• Monetary Policy and Imbalances — Remarks by Gov. Donald L. Kohn at the Banking and Finance Lecture Series, Widener University, Chester, Penn. — April 1, 2004
  
  
• Trade and Jobs — Remarks by Gov. Ben S. Bernanke at the Distinguished Speaker Series, Fuqua School of Business, Duke University, Durham, N.C. — March 30, 2004
  
  
• Research at the Federal Reserve Board: The Contributions of Henderson, Porter, and Tinsley — Remarks by Gov. Donald L. Kohn at the Federal Reserve Board Models and Monetary Policy Conference, Washington, D.C. — March 26, 2004
  
  
• Conducting Monetary Policy at Very Low Short-Term Interest Rates — Paper by Gov. Ben S. Bernanke and Vincent R. Reinhart, Director, Division of Monetary Affairs, presented at the International Center for Monetary and Banking Studies Lecture, Geneva — Jan. 14, 2004
  

• Globalization — Remarks by Chairman Alan Greenspan before the Bundesbank Lecture 2004, Berlin — Jan. 13, 2004
  

• Monetary Policy and the Economic Outlook — Remarks by Gov. Ben S. Bernanke at the Meetings of the American Economic Association, San Diego.— Jan. 4, 2004
  

• FedSpeak — Remarks by Gov. Ben S. Bernanke at the Meetings of the American Economic Association, San Diego, Ca. — Jan. 3, 2004
  

• Risk and Uncertainty in Monetary Policy — Remarks by Chairman Alan Greenspan at the Meetings of the American Economic Association, San Diego — Jan. 3, 2004

2003

• Economic Growth and the Real Rate of Interest — Speech by St. Louis Fed Presdient Bill Poole before Bryant College, Providence, R.I., — Oct.14, 2003
  

• Monetary Policy and the Stock Market: Some Empirical Results — Remarks by Gov. Ben S. Bernanke at the Fall 2003 Banking and Finance Lecture, Widener University, Chester, Penn. — Oct. 2, 2003
  

• Maintaining Price Stability — Remarks by Gov. Edward M. Gramlich before the Economic Club of Toronto, Toronto, Canada — Oct. 1, 2003
  

• Productivity and Monetary Policy — Remarks by Gov. Donald L. Kohn at the Federal Reserve Bank of Philadelphia Monetary Seminar — Sept 24, 2003

• Monetary Policy under Uncertainty — Remarks by Chairman Alan Greenspan at a symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyo. — Aug. 29, 2003
  

• Prospects and Risks in the Bond Market — Dinner address by St. Louis Fed President Bill Poole before the St. Louis Financial Analysts Society — Sept. 4, 2003
  

• Testimony of Chairman Alan Greenspan — The Federal Reserve Board's semiannual monetary policy report before the Committee on Banking, Housing, and Urban Affairs, Congress, Washington, D.C. — Feb. 11, 2003
  

• Sept. 11, the Federal Reserve and the Financial System — Remarks by Vice Chairman Roger W. Ferguson Jr. at Vanderbilt University, Nashville, Tenn. — Feb. 5, 2003
  

• Conducting Monetary Policy — Remarks by Gov. Edward M. Gramlich at a joint meeting of the North American Economic and Finance Association and the Allied Social Science Association, Washington, D.C.— Jan. 4, 2003

2002

• Issues for Monetary Policy — Remarks by Chairman Alan Greenspan before the Economic Club of New York, New York City — Dec. 19, 2002
  

Back to top