haku: @author Hardouvelis, G. A. / yhteensä: 5
viite: 3 / 5
| Tekijä: | Hardouvelis, G. A. Barnhardt, S. W. |
| Otsikko: | The evolution of federal reserve credibility: 1978-1984. |
| Lehti: | Review of Economics and Statistics
1989 : AUG, VOL. 71:3, p. 385-393 |
| Asiasana: | COMMODITY MARKETS PRICES MONETARY POLICY INFLATION |
| Kieli: | eng |
| Tiivistelmä: | A random coefficients Kalman filter model of the response of commodity prices to weekly M1 announcements indicates a gradual evolution in the credibility of the Federal Reserve as an inflation fighter. The October 1979 announcement of a change in monetary policy aimed at reducing inflation did not result in an immediate increase in credibility, and the October 1982 announcement of a policy reversal did not diminish credibility. Credibility does vary with the underlying rate of inflation, which shows that markets pay attention to policy results not simply policy announcements. |
SCIMA