EDITOR'S NOTE.
| Date | 22 March 2019 |
| Author | Dorn, J.A. |
| Published date | 22 March 2019 |
| Author | Dorn, J.A. |
The articles in this issue of the Cato Journal stem from the Cato Institute's 36th Annual Monetary Conference--Monetary Policy 10 Years after the Crisis--which was held in Washington on November 15, 2018. Leading scholars and policymakers discussed changes in the Fed's operating framework, the impact of Fed policy on interest rates and asset prices, the lessons learned from unconventional monetary policy, and the case for a rules-based monetary regime.
The Fed's new operating system became fully operational in 2015. Under the new system, the Fed uses interest on excess reserves (IOER) and overnight reverse repos (ON RRPs) to administratively set a range for the fed funds rate. By doing so, it divorces the size of its...
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