Minneapolis Fed: Avoiding monetary policy mistakes

The Federal Reserve Bank of Minneapolis Quarterly Review December 2004 article 'Avoiding significant monetary policy mistakes' by Gary Stern and Preston Miller deduces properties of optimal monetary policies based on modern theory and standard empirical findings.

In light of this analysis, the authors examine FOMC policy procedures and conclude that they put too much emphasis on short-term economic stabilization and too little emphasis on longer-term price stability. They propose a form of

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