This paper presents a comprehensive progressive reform for the present structure of
monetary policymaking.

The program has three points of departure. First, it recognizes that monetary policy
cannot be responsible both for price stability and for economic growth. Second, it holds
that such policy must now be made in a global context. And third, it argues that
institutional reforms intended to make the Federal Reserve more accountable and more
democratic should be designed to support the necessary transformation in the way that
monetary policy is made.