Price stability vs. output stability: tales of federal reserve administrations

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dc.citation.epage1610en_US
dc.citation.issueNumber9en_US
dc.citation.spage1595en_US
dc.citation.volumeNumber27en_US
dc.contributor.authorOzlale, U.en_US
dc.date.accessioned2016-02-08T10:29:44Z
dc.date.available2016-02-08T10:29:44Z
dc.date.issued2003en_US
dc.departmentDepartment of Economicsen_US
dc.description.abstractThis study disentangles policy parameters from those describing private sector behavior by simultaneously estimating an empirical model for inflation and output along with a loss function for the last three Federal Reserve administrations. Three important results emerge: First, the Federal Reserve appears to put more emphasis on price stability than output stability when the entire sample is considered. Second, and more importantly, the loss function parameters exhibit structural break at the time Paul Volcker was appointed chairman. The accommodative characteristics of monetary policy were replaced with a more active policy towards controlling inflation. Finally, interest rate smoothing is found to bean important feature of the monetary policymaking process for all three administrations. © 2002 Elsevier Science B.V. All rights reserved.en_US
dc.identifier.doi10.1016/S0165-1889(02)00072-6en_US
dc.identifier.issn0165-1889
dc.identifier.urihttp://hdl.handle.net/11693/24460
dc.language.isoEnglishen_US
dc.publisherElsevier BVen_US
dc.relation.isversionofhttp://dx.doi.org/10.1016/S0165-1889(02)00072-6en_US
dc.source.titleJournal of Economic Dynamics and Controlen_US
dc.subjectFederal reserveen_US
dc.subjectMonetary policyen_US
dc.subjectOptimal linear regulatorsen_US
dc.titlePrice stability vs. output stability: tales of federal reserve administrationsen_US
dc.typeArticleen_US

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