Historical Monetary Policy Analysis and the Taylor Rule
نویسندگان
چکیده
منابع مشابه
Historical monetary policy analysis and the Taylor rule
This study examines the usefulness of the Taylor-rule framework as an organizing device for describing the policy debate and evolution of monetary policy in the United States. Monetary policy during the 1920s and since the 1951 Treasury-Federal Reserve Accord can be broadly interpreted in terms of this framework with rather surprising consistency. In broad terms, during these periods policy has...
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The Federal Reserve system (the Fed) is the United States monetary policy authority and is mandated by Congress to pursue two goals: 1) maximum sustainable output and employment and 2) stable prices. Among the actions the Fed can take to achieve these goals is the ability to set the target federal funds rate. Simple policy rules that set the level of funds rate in response to changes in economi...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2003
ISSN: 1556-5068
DOI: 10.2139/ssrn.436840