Tekijä: | Fuhrer, J. Moore, J. |
Otsikko: | Monetary policy trade-offs and the correlation between nominal interest rates and real output |
Lehti: | American Economic Review
1995 : MAR, VOL. 85:1, p. 219-239 |
Asiasana: | MONETARY POLICY TRADE INTEREST RATES |
Kieli: | eng |
Tiivistelmä: | The authors present a structural model of the U.S. economy that combines their price-contracting specification with a term-structure relationship, an aggregate demand curve, and a monetary-policy reaction function. The model matches important features of postwar data well and provides a structural explanation of the correlation between real output and the short-term nominal rate of interest. |
SCIMA