Monetary policy guides inflation and economic growth. Learn what it means, the main types, and how central banks manage interest rates and stabilize the economy.

The 1913 Federal Reserve Act created the current Federal Reserve System and introduced a central bank to oversee U.S.

Empirical monetary policy shocks (EMPS) contain information about monetary policy both today and in the future. We define the term structure of monetary policy news as the marginal impact of an EMPS ...

Since the Global Financial Crisis, fiscal policy in advanced economies has become more “active” – that is, increasingly unresponsive to rising debt levels. This paper explores tensions between active ...

Surveys of professional economic forecasters and financial market data can reveal public perceptions about the future conduct of monetary policy. Current estimates suggest that both professional ...