[20060928]RS20949_美联储：反复出现的公共政策问题.pdf

Congressional Research Service The Library of CongressCRS Report for CongressReceived through the CRS WebOrder Code RS20949Updated September 28, 2006The Federal Reserve:Recurrent Public Policy IssuesMarc LabonteAnalyst in MacroeconomicsGovernment and Finance DivisionSummaryCongress has delegated the task of implementing monetary policy to the Fed, butretains oversight responsibilities and overarching control of the Feds 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. This reportwill be updated as new CRS reports become available.The Basics of Monetary PolicyThe Federal Re