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| Tekijä: | Ferderer, J. P. |
| Otsikko: | The determinants of monetary target credibility |
| Lehti: | Quarterly Review of Economics and Finance
1998 : VOL 38:4, p. 825-841 |
| Asiasana: | MONETARY POLICY MONETARY ECONOMICS |
| Vapaa asiasana: | MONETARY TARGETS CREDIBILITY |
| Kieli: | eng |
| Tiivistelmä: | This study investigates the impact of several different factors on the credibility of the Federal Reserve's monetary targets. Two factors explain why the targets became less credible during the 1980's: the Fed's shift from M1 to M2 targets reduced credibility because the latter aggregate is less controllable; velocity instability caused the Fed to widen the target ranges which signaled that they were placing less weight on monetary targets in the conduct of monetary policy. |
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