Richmond Fed paper explores Fed’s monetary policy history

US Federal Reserve building

A paper published by the Federal Reserve Bank of Richmond analyses the history of the policies of the US Federal Reserve system to find when it has been a source of stability and when it has created uncertainty.

The Evolution of US Monetary Policy, by Robert Hetzel, is an overview of the 104 years of activity by the world’s most powerful central bank. Hetzel seeks to extract lessons on establishing a monetary policy regime.

The monetary regime emerges from the interaction of the Fed with the

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