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The Evolution of U.S. Monetary Policy: 2000 - 2007 / Michael T. Belongia, Peter N. Ireland.
- Format:
- Book
- Author/Creator:
- Belongia, Michael T.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w22693.
- NBER working paper series no. w22693
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Evolution of U.S. Monetary Policy
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2016.
- Summary:
- A vector autoregression with time-varying parameters is used to characterize changes in Federal Reserve policy that occurred from 2000 through 2007 and describe how they affected the performance of the U.S. economy. Declining coefficients in the model's estimated policy rule point to a shift in the Fed's emphasis away from stabilizing inflation over this period. More importantly, however, the Fed held the federal funds rate persistently below the values prescribed by this rule. Under this more discretionary policy, inflation overshot its target and the funds rate followed a path reminiscent of the "stop-go" pattern that characterized Fed behavior prior to 1979.
- Notes:
- September 2016.
- Print version record
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