论重点任务和货币政策.pdf

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1、Central Bank of ArmeniaGlobal Forecasting SchoolOn Focused Mandates and Monetary PolicyDouglas Laxton:Senior Lecturer at American University of Armenia and Director of the Better Policy Project Douglas Laxton“Comments on Charles Evans Paper On Focused Mandates and Monetary Policy:Implications for th

2、e Federal Reserves 2025 Framework Review Forthcoming PDF Unofficial Working Version Available at:https:/www.thebetterpolicyproject.orgNo FPASBoE,CBoB,BoJ,ECBFPAS Mark ICNB,RBNZ,CBC,NBGFPAS Mark IICBAThree ingredients of FPASUncertainty:Scenario Analysis“Least Regrets”PolicyAccountability&Transparenc

3、yWhere is the economy now?What are the underlying forces?What do policy instruments(monetary,fiscal)need to do to achieve inlation and other objectives?Three ingredients of FPASThe Fed is very much an FPAS Mark 2 Central Bank(Internally)Fed Tealbook,September 2015The Fed regularly prepares alternati

4、ve scenarios A,B,C which the staff prepare for the FOMC.These alternative scenarios are kept private with a 5-year moratorium.What we are primarily suggesting is that the Fed publish these alternative scenarios with the decision to make the hypothetical scenario analysis asked at press conferences m

5、ore systematic rather than up to the discretion of the Chair.Monetary Transmission MechanismAdrian T,D.Laxton,and M.Obstfeld“Advancing the Frontiers of Monetary Policy”Free PDF Version Available at:https:/www.thebetterpolicyproject.org/research-1https:/www.thebetterpolicyproject.org/Laxton D.,M.Gals

6、tyan and V.Avagyan“Prudent Risk Management Approach to Monetary Policy”Free PDF Unofficial Working Version Available at:https:/www.thebetterpolicyproject.orghttps:/www.thebetterpolicyproject.org/FPAS MARK II Frameworkhttps:/www.thebetterpolicyproject.org/A systematic framework for incorporating Mone