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Monetary Policy 1.0

Gregory D. Hess

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Abstract

A Wall Street Journal blog last week referred to "the guys on the shadow open market committee " as "old school. " Traditionalists was another word used to describe them—the collective voices of economists and scholars (including CMC's own Gregory Hess) who are urging the Fed to act to control inflation. Hess, vice president for academic affairs, dean of the faculty, and the James G. Boswell Professor of Economics and George R. Roberts Fellow at Claremont McKenna, in the meantime has authored Monetary Policy 1.0, a paper that evaluates the key principles of the central bank and why changes to these "rules" would not be favorable. He presented his paper at the spring meeting of the Shadow Open Market Committee (SOMC) in New York City. An independent group of economists who analyze and debate policy decisions made by the Federal Reserve Board, members, including Hess, meet semi-annually and at each meeting, present papers on a variety of public policy issues. After review and discussion of the presentations, SOMAC releases a statement summarizing the Committee's policy recommendations. The following is Hess ' Monetary Policy 1.0 paper, presented in its entirety:

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A Wall Street Journal blog last week referred to "the guys on the shadow open market committee " as "old school. " Traditionalists was another word used to describe them—the collective voices of economists and scholars (including CMC's own Gregory Hess) who are urging the Fed to act to control inflation. Hess, vice president for academic affairs, dean of the faculty, and the James G. Boswell Professor of Economics and George R. Roberts Fellow at Claremont McKenna, in the meantime has authored Monetary Policy 1.0, a paper that evaluates the key principles of the central bank and why changes to these "rules" would not be favorable. He presented his paper at the spring meeting of the Shadow Open Market Committee (SOMC) in New York City. An independent group of economists who analyze and debate policy decisions made by the Federal Reserve Board, members, including Hess, meet semi-annually and at each meeting, present papers on a variety of public policy issues. After review and discussion of the presentations, SOMAC releases a statement summarizing the Committee's policy recommendations. The following is Hess ' Monetary Policy 1.0 paper, presented in its entirety:

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Available abstract

A Wall Street Journal blog last week referred to "the guys on the shadow open market committee " as "old school. " Traditionalists was another word used to describe them—the collective voices of economists and scholars (including CMC's own Gregory Hess) who are urging the Fed to act to control inflation. Hess, vice president for academic affairs, dean of the faculty, and the James G. Boswell Professor of Economics and George R. Roberts Fellow at Claremont McKenna, in the meantime has authored Monetary Policy 1.0, a paper that evaluates the key principles of the central bank and why changes to these "rules" would not be favorable. He presented his paper at the spring meeting of the Shadow Open Market Committee (SOMC) in New York City. An independent group of economists who analyze and debate policy decisions made by the Federal Reserve Board, members, including Hess, meet semi-annually and at each meeting, present papers on a variety of public policy issues. After review and discussion of the presentations, SOMAC releases a statement summarizing the Committee's policy recommendations. The following is Hess ' Monetary Policy 1.0 paper, presented in its entirety:

Key concepts: Monetary policy, Economics, Monetary economics

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