Title of article
Perhapsthe1970sFOMCdidwhatitsaiditdid
Author/Authors
SharonKozicki، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2008
Pages
14
From page
842
To page
855
Abstract
BriefingforecastspreparedfortheFederalOpenMarketCommittee(FOMC)areusedto
estimatechangesinthedesignofUSmonetarypolicyandintheimpliedpolicytarget
forinflationfrom1970through1997.BothestimatedpolicyrateresponsesandFOMC
transcripts areconsistentwithintermediatetargetingofmonetaryaggregatesthrough-
out theGreatInflationofthe1970s.TheunpublishedFOMCtargetsforM1growthare
tabulated.Empiricalresultssupportaneffectiveinflationtargetofroughly7%inthe
1970sand3%thereafter.Anotabledifferenceinthe1970smonetarypoliciesoftheUS
and GermanyistheabsenceofexplicitpublicobjectivesforUSlong-runinflation
Keywords
Asymmetric informationFOMC M1targetsThe GreatInflationTime-varyingpolicyresponses
Journal title
Journal of Monetary Economics
Serial Year
2008
Journal title
Journal of Monetary Economics
Record number
846336
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