The Federal Reserve: Recurrent Public Policy Issues (CRS Report for Congress)
| Release Date |
Revised Sept. 28, 2006 |
| Report Number |
RS20949 |
| Report Type |
Report |
| Authors |
Marc Labonte, Government and Finance Division |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
Congress has delegated the task of implementing monetary policy to the Fed, butretains oversight responsibilities and overarching control of the Fed's mandate andstructure. Hence, issues surrounding monetary policy are frequently the subject ofcongressional debate. This report provides an overview of the many issues surroundingthe Federal Reserve and monetary policy, and refers the reader to relevant CRS reportsfor more detailed analysis. These issues include debates over the proper goals ofmonetary policy, the possible adoption of an inflation target or a "Taylor rule," theeconomics of Federal Reserve independence, the role of asset bubbles in monetarypolicy, the role of the monetary aggregates in the formulation of monetary policy, andthe debate surrounding the payment of interest on required bank reserves.
