Showing 1 - 8 of 8
The surge in fiscal deficits since 2008 has put a renewed focus on the authors’ understanding of fiscal policy. The interaction of fiscal and monetary policy during this period has also been the subject of much discussion and analysis. This paper gives new insight into past fiscal policy and...
Persistent link: https://www.econbiz.de/10010930299
Monetary policy research using time series methods has been criticized for using more information than the Federal Reserve had available in setting policy. To quantify the role of this criticism, we propose a method to estimate a VAR with real-time data while accounting for the latent nature of...
Persistent link: https://www.econbiz.de/10005389542
This paper examines the characteristics of the revisions to the inflation rate as measured by the personal consumption …
Persistent link: https://www.econbiz.de/10005389543
Persistent link: https://www.econbiz.de/10005389586
Persistent link: https://www.econbiz.de/10005389627
This paper examines the predictive power of shifts in monetary policy, as measured by changes in the real federal funds rate, for output, inflation, and survey expectations of these variables. The authors find that policy shifts have larger effects on actual output than on expected output; thus...
Persistent link: https://www.econbiz.de/10005389643
This paper provides new evidence on the usefulness of McCallum's proposed rule for monetary policy. The rule targets nominal GDP using the monetary base as the instrument. We analyze the rule using three very different economic models to see if the rule works well in different environments. Our...
Persistent link: https://www.econbiz.de/10005389712
This paper examines the predictive power of shifts in monetary policy, as measured by changes in the real federal funds rate, for output, inflation, and survey expectations of these variables. The authors find that policy shifts have larger effects on actual output than on expected output,...
Persistent link: https://www.econbiz.de/10005512257