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of inflation targeting in 1992 or central bank independence in 1997), we instead take a longer perspective, which … alter the monetary base; and the adherence by policymakers in the 1960s and 1970s to nonmonetary views of the inflation …
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This paper presents a general model of the determination of the interest rate and the exchange rate which is relevant for a small economy with any degree of capital mobility. The model is tested by using the quarterly data of Korea and Singapore. The emperical results show that in the Korean...
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interest. But economic theory is ambiguous when it comes to the effect of government budget deficits on the real rate of …
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This paper creates a new series of the FOMC*s Target for the federal funds rate for the period September 27, 1982 through December 31, 1993. The creation of this series was motivated by Thornton (2005). Analyzing the verbatim transcripts of the FOMC, Thornton finds that most of the FOMC believed...
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