改革迫在眉睫！前美联储“三把手”献计六大方法

Core Viewpoint - The Federal Reserve is undergoing a significant reassessment of its management approach, termed "Monetary Policy Framework Review," which aims to better address economic shocks and policy uncertainties created by the U.S. government [1] Group 1: Key Recommendations - Return to a symmetric 2% inflation target to reduce market confusion and prepare for potential zero lower bound risks [1] - Align employment level targets with the 2% inflation goal to avoid prolonged low-interest rates despite rising inflation and a strong economy [1] - Establish a clear framework for quantitative easing and tightening to differentiate between market stabilization and economic stimulus [3] Group 2: Economic Forecasting and Guidance - Publish multiple economic scenarios to help the market understand potential Federal Reserve responses under different conditions, enhancing the effectiveness of monetary policy [4] - Develop forward guidance norms that clarify conditions under which low interest rates apply, reducing market misinterpretations [5] Group 3: Additional Reforms - Shift the policy anchor from the federal funds rate to the reserve rate to avoid conflicts with quantitative easing [5] - Exclude reserves from bank leverage calculations to prevent conflicts with quantitative easing [5] - Establish a mechanism to assess the impact of monetary policy on financial stability [5]