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7 - What Does Monetary Policy Do?

Published online by Cambridge University Press:  28 March 2024

Jeremy B. Rudd
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Summary

The chapter assesses empirical and theoretical descriptions of the transmission mechanism of monetary policy, and discusses why the concept of "R-star" is unlikely to provide a useful practical guidepost for monetary policy.

Keywords

Monetary policy transmissionmonetary policy shocksforward-guidance puzzleR-star
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Chapter
Information
A Practical Guide to Macroeconomics , pp. 193 - 206
Publisher: Cambridge University Press
Print publication year: 2024

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