Much has changed over the past 50 years, both in central banking circles and in academic monetary economics. This paper inquires about the interaction between the two: how much and in what ways has academic research influenced the practice of monetary policy, especially by the Federal Reserve? More specifically, the paper takes up five issues: (a) the inflation target, (b) the monetary policy instrument (e.g., interest rate, money supply or “unconventional” instrument?), (c) the model of monetary policy transmission, (d) central bank communications and (e) rules versus discretion.

中文翻译：

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杰罗姆·鲍威尔（Jerome Powell）知道威廉·麦卡斯尼·马丁（William McChesney Martin）不知道的什么？学术研​​究在其中起什么作用？

在过去的50年中，中央银行界和学术货币经济学都发生了很大变化。本文探讨了两者之间的相互作用：学术研究对货币政策的实践产生了多大程度和何种影响，尤其是美联储的影响？更具体而言，本文讨论了五个问题：（a）通胀目标；（b）货币政策工具（例如，利率，货币供应或“非常规”工具？）；（c）货币政策传导的模型； （d）中央银行通讯和（e）规则与酌处权。