Monetary policy rules and macroeconomic stability: Evidence and some theory

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Quarterly Journal of Economics, vol. CXV, issue 1, 147-180, 2000
http://hdl.handle.net/10230/1217
To cite or link this document: http://hdl.handle.net/10230/1217
dc.contributor.author Clarida, Richard
dc.contributor.author Galí, Jordi
dc.contributor.author Gertler, Mark
dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
dc.date.issued 1997-03-01
dc.identifier.citation Quarterly Journal of Economics, vol. CXV, issue 1, 147-180, 2000
dc.identifier.uri http://hdl.handle.net/10230/1217
dc.description.abstract We estimate a forward-looking monetary policy reaction function for the postwar United States economy, before and after Volcker's appointment as Fed Chairman in 1979. Our results point to substantial differences in the estimated rule across periods. In particular, interest rate policy in the Volcker-Greenspan period appears to have been much more sensitive to changes in expected inflation than in the pre-Volcker period. We then compare some of the implications of the estimated rules for the equilibrium properties of inflation and output, using a simple macroeconomic model, and show that the Volcker-Greenspan rule is stabilizing.
dc.language.iso eng
dc.relation.ispartofseries Economics and Business Working Papers Series; 350
dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.title Monetary policy rules and macroeconomic stability: Evidence and some theory
dc.type info:eu-repo/semantics/workingPaper
dc.date.modified 2014-06-03T07:13:58Z
dc.subject.keyword Macroeconomics and International Economics
dc.subject.keyword monetary policy rules
dc.subject.keyword business cycles
dc.subject.keyword taylor rules
dc.subject.keyword sunspot fluctuations
dc.rights.accessRights info:eu-repo/semantics/openAccess


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