Chicago Fed's Moskow on U.S. Monetary Policy

In the speech 'U.S. Monetary Policy' given on 10 November Michael Moskow of the Federal Reserve Bank of Chicago said the desirability of a specific inflation target or range has been the subject of public debate among FOMC members: "I think the fact that we are debating the issue shows our commitment to effectively communicating policy". Moskow also said that despite econometric models and equations, monetary policy is still more of an art than a science and thus substantial judgements still

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