Federal Reserve officials will soon hit the road to learn how to best achieve their political goals and communicate these movements to the public.
The comments come under discussion on how the central bank can respond to future downturns with its financial crisis experience in mind
When the US economy faces its worst danger since the Great Depression, the Fed responded with unprecedented aggressiveness: sharpen its benchmark rate to almost zero, implement a series of asset purchases that inflated the balance to more than $ 4.5 trillion and implement several other measures to push the economy out of its decline.
An area where these policies have come up short is to generate what officials consider a healthy level of inflation, which has been sustained during Fed's 2 pro cent target through r ecovery.
Clarida said the development of strategies to raise inflation expectations will be part of the review. In addition, he said the meetings will focus on labor issues, other policies that the Fed could use in the future, as well as global issues and economic stability concerns.
"What I can say is that any improvement or more significant changes in our framework that we may want to do will only be aimed at improving our ability to achieve and maintain our dual mandate goals in the world we live in. Today, "he said.