 
Suggested Reading
For an overview of the Federal Reserve System and its functions, see:
The Federal Reserve
System: Purposes and Functions, 8th ed. 1994. Washington,
DC: Board of Governors, Federal Reserve System.
The
Federal Reserve System in Brief. Federal Reserve Bank of San Francisco.
For further discussion on several of the topics in this booklet, see
the following issues of the FRBSF Economic Letter:
Overview of Monetary Policy
94-27 "A Primer on Monetary Policy,
Part I: Goals and Instruments," by
Carl Walsh. (PDF - 115KB)
Goals of Monetary Policy
2003-34 “Should
the Fed React to the Stock Market?” by Kevin Lansing.
2001-03 “Inflation:
The 2% Solution,” by Milton Marquis.
2000-24 “Should
Central Banks Stabilize Prices?” By Carl Walsh.
99-04 “The
Goals of U.S. Monetary Policy,” by John Judd and Glenn
Rudebusch.
98-18 "U.S.
Inflation Targeting: Pro and Con," by Glenn Rudebusch and
Carl Walsh.
98-17 "Central
Bank Inflation Targeting," by Glenn Rudebusch and Carl Walsh.
98-04 “The
New Output-Inflation Trade-off,” by Carl Walsh.
97-27 “What Is the
Optimal Rate of Inflation?” by Timothy Cogley.
97-01 “Nobel Views
on Inflation and Unemployment,” by Carl Walsh.
95-16 "Central
Bank Independence and Inflation," by Robert T. Parry.
(PDF - 110KB)
94-25 “Should
the Central Bank Be Responsible for Regional Stabilization?” by
Timothy Cogley and Desiree Schaan. (PDF - 132KB)
94-05 "Is
There a Cost to Having an Independent Central Bank?" by
Carl Walsh. (PDF - 129KB)
93-44 “Inflation
and Growth,” by Brian Motley. (PDF - 135KB)
93-21 "Federal
Reserve Independence and the Accord of 1951," by
Carl Walsh. (PDF - 132KB)
Monetary
Policy Tools and the Transmission Mechanism
2002-30 “Setting
the Interest Rate,” by Milton Marquis.
97-18 "Interest Rates and Monetary
Policy," by Glenn Rudebusch.
95-23 "Federal
Reserve Policy and the Predictability of Interest Rates," by
Glenn Rudebusch.
95-05 "What
Are the Lags in Monetary Policy?" by Glenn Rudebusch. (PDF
- 129KB)
The
Conduct of Monetary Policy
2004-05 "Precautionary
Policies" by Carl Walsh
2003-32 “The
Natural Rate of Interest” by John Williams.
2003-15 “What
Makes the Yield Curve Move?” by Tao Wu.
2003-14 “Minding
the Speed Limit” by CarlWalsh.
2001-26 “Transparency
in Monetary Policy” by Carl Walsh.
2001-13 “The
Science (and Art) of Monetary Policy” by Carl Walsh
2001-05 “How
Sluggish Is the Fed?” by Glenn Rudebusch.
2000-31 “Monetary
Policy in a New Environment: The U.S. Experience” by Robert
T. Parry.
2000-21 “Exploring
the Causes of the Great Inflation,” by Kevin Lansing.
99-33 “Risks
in the Economic Outlook” by Robert T. Parry.
99-21 "Supply
Shocks and the Conduct of Monetary Policy,” by Bharat Trehan.
98-38 "Describing
Fed Behavior," by John Judd and Glenn Rudebusch.
98-28 "The
Natural Rate, NAIRU, and Monetary Policy," by Carl Walsh.
97-35 "NAIRU: Is It
Useful for Monetary Policy?" by John Judd.
97-29 "A New Paradigm?" by
Bharat Trehan.
94-13 "Monetary
Policy in a Low-Inflation Regime," by Timothy Cogley.
(PDF - 136KB)
93-42 "Monetary
Policy and Long-Term Real Interest Rates," by Timothy Cogley.
(PDF - 136KB)
93-38 "Real
Interest Rates," by Bharat Trehan. (PDF - 129KB)
93-01 "An
Alternative Strategy for Monetary Policy," by Brian Motley
and John Judd. (PDF - 129KB)
To order print copies of these publications, contact:
Public Information Department
Email: SF Pubs
Federal Reserve Bank of San Francisco
P.O. Box 7702
San Francisco, CA 94120
Phone: (415) 974-2163
Fax: (415) 974-3341
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