New Monetary Policy Strategies in a Low r-star World
The likely strategy in the next recession will be a swift decline to zero bound, perhaps forward guidance thatis implemented more aggressively and more quickly, and is less conditional, closer to a more effective
commitment strategy. Perhaps less reliance on asset purchases. No change in the inflation objective. Negative
rates now on the table but down the list and in any case there are limits here as well. Between the proposals,
we see a price level targeting regime, while retaining a 2% (average) inflation objective, as the most attractive
and a less dramatic change in framework .......
Led by former Federal Reserve Board Governor, Larry Meyer, Monetary Policy Analytics is an independent research firm focused on the macro economy, FOMC policy and interest rates. Our research is used by some of the world's largest hedge funds, fixed income asset managers, pension fund managers, currency desks, insurance companies and money center banks. The written commentary is outlined below:
Macro Views - A thematic presentation of Monetary Policy Analytic’s U.S. forecast that links our forecast of the key macro variables to monetary policy actions and market developments.
FOMC Briefing & Statement Comments - Timely, comprehensive commentaries interpreting and analyzing the implications of all FOMC communications.
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