Seip, Knut L.; McNown, Robert - In: Journal of Policy Modeling 35 (2013) 2, pp. 307-325
We investigate the monetary policy of the Federal Reserve Board during six periods in US economic history 1959–2008. In particular, we examine the Fed's response to changes in three guiding variables: inflation, π, unemployment, U, and industrial production, y, during periods with low and...