Busted: Bankers and The Global Economy

September 21, 2007

Money Policy Art and Science

Filed under: banking, federal reserve, government, money — Tags: , , , , — digitaleconomy @ 10:03 am

Fed Governor Frederic Mishkin admits that monetary policy is as much art as science.

“This paper reviews the progress that the science of monetary policy has made over recent decades. This progress has significantly expanded the degree to which the practice of monetary policy reflects the application of a core set of “scientific” principles. However, there remains, and will likely always remain, elements of art in the conduct of monetary policy.”
~ Fed Governor Frederic Mishkin

Federal Reserve White Paper by Governor Mishkin

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