Federal Reserve Behavior Since 1980: A Financial Markets Perspective / William C. Melton, V. Vance Roley.

Format:

Book

Author/Creator:

Melton, William C.

Contributor:

National Bureau of Economic Research.

Roley, V. Vance.

Series:

Working Paper Series (National Bureau of Economic Research) no. w2608.

NBER working paper series no. w2608

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Other Title:

Federal Reserve Behavior Since 1980

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 1988.

Summary:

The financial market's understanding of Federal Reserve behavior is used to examine recent changes in monetary policy. Changes in the level of interest rats in response to specific types of economic information are primarily considered. Differences in the volatility of interest rates across period provide additional evidence on changes in monetary policy regimes. The results indicate that monetary policy changed several times since 1980 with respect to either the Federal Reserve's targets, its desire to achieve its targets, or its operating procedures. The different regimes correspond to Federal Reserve statements about changes in policy. In this context, then, the evidence suggests that policy was credible.

Notes:

Print version record

June 1988.