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| Tekijä: | Favero, C.A. Rovelli, R. |
| Otsikko: | Macroeconomic stability and the preferences of the Fed: a formal analysis, 1961-98 |
| Lehti: | Journal of Money, Credit and Banking
2003 : AUG, VOL. 35:4, p. 545-556 |
| Asiasana: | Economic stability Inflation Macroeconomics USA |
| Kieli: | eng |
| Tiivistelmä: | The rate of inflation in the U.S. has declined from an average 4,5% in the period 1960-79 to an average of 3,6% in 1980-98. Between these periods, the standard deviations of inflation and the output gap have also declined. These facts can be attributed to the interaction of three possible factors: a shift in central bank preferences, a reduction in the variability of aggregate supply shocks, and a more efficient conduct of monetary policy. This article identifies the relative roles of these factors. The framework is based on the estimation of a small structural macro model for the U.S. economy jointly with the first order conditions, which solve the intertemporal optimization problem faced by the Fed. |
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