Measuring Monetary Policy Inertia in Target Fed Funds Rate Changes / Michael Dueker.

Format:

Datafile

Contributor:

Inter-university Consortium for Political and Social Research.

Series:

ICPSR (Series) ; 1212.

ICPSR ; 1212

Language:

English

Genre:

Academic theses.

Physical Description:

1 online resource.

Place of Publication:

Ann Arbor, Mich. : Inter-university Consortium for Political and Social Research [distributor], 2000.

System Details:

Mode of access: World Wide Web.

data file

Summary:

Recent research has grappled with an apparent paradox: Why would a central bank that is focused primarily on inflation control exhibit signs of inertia when making policy adjustments? In this article, the author argues that fully characterizing the policy inertia is a precondition toward resolving the apparent paradox. This research presents empirical estimates of adjustments to the target fed funds rate that take into account two facets of policy inertia: a partial-adjustment mechanism and thresholds for making discrete changes to the target fed funds rate. With a more complete picture of the policy inertia, subsequent research can investigate whether policy appears to display either too much or the right amount of inertia.

Notes:

Title from ICPSR DDI metadata of 2004-10-30.

OCLC:

61145874

Access Restriction:

Restricted for use by site license.