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
Link To Document :
https://search.isc.ac/dl/search/defaultta.aspx?DTC=10&DC=846336
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