Arbeitspapier
Perhaps the FOMC did what it said it did: An alternative interpretation of the Great Inflation
This paper uses real-time briefing forecasts prepared for the Federal Open Market Committee (FOMC) to provide estimates of historical changes in the design of U.S. monetary policy and in the implied central-bank target for inflation. Empirical results support a description of policy with an effective inflation target of roughly 7 percent in the 1970s. Moreover, the evidence suggests that mismeasurement of the degree of economic slack was largely irrelevant for explaining the Great Inflation while favouring a passive-policy description of monetary policy. FOMC transcripts provide a neglected interpretation of the source of passive policyintermediate targeting of monetary aggregates.
- Sprache
-
Englisch
- Erschienen in
-
Series: Bank of Canada Working Paper ; No. 2007-19
- Klassifikation
-
Wirtschaft
- Thema
-
Central bank research
Monetary aggregates
Monetary policy implementation
Geldpolitik
Inflation Targeting
Inflation
Asymmetrische Information
USA
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Kozicki, Sharon
Tinsley, P. A.
- Ereignis
-
Veröffentlichung
- (wer)
-
Bank of Canada
- (wo)
-
Ottawa
- (wann)
-
2007
- DOI
-
doi:10.34989/swp-2007-19
- Handle
- Letzte Aktualisierung
-
24.03.2022, 01:25 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Kozicki, Sharon
- Tinsley, P. A.
- Bank of Canada
Entstanden
- 2007
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