ABSTRACT:Would a more open and regular evaluation of the monetary policy framework improve policy in the United States? Even when considering a relatively short time frame spanning the 1960s to the present, it is possible to point to many significant changes to the framework. Some of the changes were precipitated by acute economic conditions; others were considered and implemented only gradually, as a response to long-standing problems with the framework. But to date, the process for evaluating and changing frameworks has not always been transparent, and changes have not always been timely. Could a more formal, and open, review process improve how well we adhere to our current framework? Could transitions to a new framework be made more effectively? We conclude that such a review might indeed be beneficial, and outline one possible review process.

中文翻译：

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美联储是否应该定期评估其货币政策框架？

摘要：对货币政策框架进行更开放和定期的评估会改善美国的政策吗？即使考虑到从1960年代到现在的相对较短的时间框架，也可能会指出对该框架进行了许多重大更改。某些变化是由严峻的经济状况促成的；作为对框架长期存在问题的回应，仅逐步考虑和实施了其他框架。但是到目前为止，评估和更改框架的过程并不总是透明的，并且更改也不总是及时的。更加正式，开放的审核流程能否改善我们对当前框架的遵守程度？是否可以更有效地过渡到新框架？我们得出的结论是，这样的审查确实可能是有益的，并概述了一个可能的审查过程。