This article analyses the welfare consequences of delegating to the central bank the task of minimising deviations of forecasts of goal variables from their target values. The delegated objectives considered in this article are motivated by the observation that central banks oftentimes operate...

Foreword / Esther L. George -- Introduction / Troy Davig -- The moderators : Peter Blair Henry, Kristin J. Forbes -- Opening remarks / Janet L. Yellen -- Pass-through efficiency in the Fed's new monetary policy setting / Darrell Duffie, Arvind Krishnamurthy ; Commentary / Minouche Shafik -- The...