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While macroeconometricians continue to dispute the size, timing, and even the existence of effects of monetary policy, political economists often find large effects of political variables and often attribute the effects to manipulation of the Fed. Since the political econometricians often use...
Persistent link: https://www.econbiz.de/10005498761
This paper presents a new way to assess robustness of claims from identified VAR work. All possible identifications are checked for the one that is worst for the claim, subject to the restriction that the VAR produce reasonable impulse responses to shocks. The statistic on which the claim is...
Persistent link: https://www.econbiz.de/10005498828
Using the prices of federal funds futures contracts, we measure the impact of the surprise component of Federal Reserve policy decisions on the expected future trajectory of interest rates. We show how this information can be used to identify the effects of a monetary policy shock in a standard...
Persistent link: https://www.econbiz.de/10005498748
Monetary policy is modeled as governed by a known rule, except for a time-varying target rate of inflation. The variable target is taken as representing either discretionary deviations from the rule, or as the outcome of a policymaking committee that is unable to arrive at a consensus....
Persistent link: https://www.econbiz.de/10005393925
a speech at the The Brimmer Policy Forum, Allied Social Science Associations Annual Meeting, Denver, Colorado, January 8, 2011
Persistent link: https://www.econbiz.de/10010729279
a speech at the Committee for Economic Development 2010 International Counterparts Conference, New York, New York, December 1, 2010
Persistent link: https://www.econbiz.de/10010725541
a speech at the Annual Meeting of the National Association for Business Economics, Denver, Colorado, October 11, 2010
Persistent link: https://www.econbiz.de/10010725472
Remarks at the National Association of Business Economists, Washington, DC, March 13, 1996
Persistent link: https://www.econbiz.de/10010725638
remarks at the Economic Club of New York, New York, New York, April 11, 2011
Persistent link: https://www.econbiz.de/10010729284
a speech at the Banque de France International Symposium, Paris, France, March 4, 2011
Persistent link: https://www.econbiz.de/10010729294