Achieving price stability is not only important in itself, it is also central to attaining the Federal Reserve's other mandate objectives of maximum sustainable employment and moderate long-term interest rates.
Federal Reserve officials have stressed the importance of the Fed's independence. But such independence does not mean that it is immune from Congressional oversight.
Opponents of central-bank intervention are right about one thing: monetary financing carries serious risks. In order to ensure that it is as safe and effective as possible, it must be used primarily in the event of self-fulfilling debt crises.
The Federal Open Market Committee (FOMC) is committed to policies that promote maximum employment and price stability, consistent with our mandate from Congress.
I believe that being in a position, as a central bank, to influence economic growth does not mean losing independence.
The Global Financial Crisis and Great Recession posed daunting new challenges for central banks around the world and spurred innovations in the design, implementation, and communication of monetary policy.
Our ability to predict how the federal funds rate will evolve over time is quite limited because monetary policy will need to respond to whatever disturbances may buffet the economy.
We should be humble about our ability to stimulate the economy with monetary policy.
Ethereum may make monetary policy decisions like, 'Let's do 1% inflation to support the ongoing development of the Ethereum protocol.' A token built on Ethereum might want to do the same.
