Federal Reserve Structure, Economic Ideas, and Monetary and Financial Policy

Grant Year: 2023

Michael Bordo and Edward Prescott will research and write a book exploring whether the decentralized structure of the Federal Reserve has contributed to the development of effective monetary policies in the past. They will analyze the historical role that regional Federal Reserve Banks have played in developing policy ideas such as monetarism, transparency, and price-level targeting and introducing them into monetary policy debates among officials at the Federal Reserve Board and elsewhere.