THREE REMAINING ISSUES

THREE REMAINING ISSUES
U.S. monetary policymaking is, of course, not simply back where it
was thirty-odd years ago. Both the economy and the financial system are
different today. Policymakers have learned more about what the central
bank can and cannot do. So have economic researchers, and so has the
general public. As a result, many aspects of the prior experience that most
observers would identify as mistakes are unlikely to be repeated.
But challenges remain. Looking forward, in the specific context of the
role of interest rates in monetary policymaking, three sets of questions
seem most apt.