Bordo, Michael D.; Prescott, Edward Simpson - National Bureau of Economic Research - 2023
, credibility, transparency, and other monetary policy ideas by Reserve Banks into the Federal Reserve System. We argue that the …We evaluate the decentralized structure of the Federal Reserve System as a mechanism for generating and processing new … ideas on monetary policy over the 1960 - 2000 period. We document the introduction of monetarism, rational expectations …