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| Author: | Ball, L. Croushore, D. |
| Title: | Expectations and the effects of monetary policy |
| Journal: | Journal of Money, Credit and Banking
2003 : AUG, VOL. 35:4, p. 473-484 |
| Index terms: | Expectations Monetary policy Output |
| Language: | eng |
| Abstract: | The predictive power of shifts in monetary policy is examined, as measured by changes in the real federal funds rate, for output, inflation, and survey expectations of these variables. It is found that policy shifts have larger effects on actual output than on expected output; thus, policy predicts errors in output expectations, a violation of rational expectations. Policy shifts do not predict errors in inflation expectations. |
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