The movement toward increased transparency on the part of the Federal Open Market Committee (FOMC) has concentrated on additional explicitness about the forecasts of the economy by its individual participants. Especially with the funds rate near its zero lower bound, the FOMC has become more...

In response to the pandemic, which unfurled starting in March 2020 and raised unemployment dramatically, the FOMC adopted a highly expansionary monetary policy. The policy restored the activist policy of aggregate demand management that had characterized the 1970s. It did so in two respects....

In the past, the Federal Open Market Committee (FOMC) has been able to bring down inflation through contractionary monetary policy only at the cost of recession. Despite this history, in their comments on current policy, FOMC participants do not draw lessons from that experience. There is no...