Working Paper No. 129
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چکیده
JEL classification E52 This paper examines the credibility of the Federal Reserve's monetary targets using survey data on money growth forecasts to measure market expectations. The paper provides two main results. First, there is strong evidence that the monetary targets were credible over the 1978 to 1993 sample period, although credibility fell in the post-1985 period. Second, both the federal government deficit and Federal Reserve reputation of controlling money growth within the target ranges have a significant impact on credibility.
منابع مشابه
Running head: NOVEL SOCIAL CONJUNCTIONS IN WORKING MEMORY The Formation of Novel Social Category Conjunctions in Working Memory: A Possible Role for the Episodic Buffer?
word count: 153 Main text word count: 8453 References word count: 1965 Notes word count: 129 No of Table: 0
متن کاملFormation of Novel Social Category Conjunctions in Working Memory: A Possible Role for the Episodic Buffer? Memory The Formation of Novel Social Category Conjunctions in Working Memory: A Possible Role for the Episodic Buffer?
word count: 153 Main text word count: 8461 References word count: 1965 Notes word count: 129 No of Table: 0 No of Figures: 1
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