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deteriorating and the economy was growing considerably faster than the economy's natural growth rate-the sum of the Fed's 2 …% inflation goal and the growth rate of potential output. The resilience of the Fed's monetary policy strategy could be enhanced …, and such errors be avoided with guidance from a simple natural growth targeting rule that prescribes that the federal …
Persistent link: https://www.econbiz.de/10014483910
The Federal Reserve's muddled mandate to attain simultaneously the incompatible goals of maximum employment and price stability invites short-term-oriented discretionary policymaking inconsistent with the systematic approach needed for monetary policy to contribute best to the economy over time....
Persistent link: https://www.econbiz.de/10011327320
Throughout its history, the Fed has operated with a muddled mandate that has not explicitly recognized price stability as the primary goal of monetary policy. The Fed's success in maintaining price stability and fostering the good economic performance associated with it has depended on how it...
Persistent link: https://www.econbiz.de/10015130169
As the author describes it, the Federal Reserve’s muddled mandate to attain simultaneously the incompatible goals of maximum employment and price stability invites short-term-oriented discretionary policymaking inconsistent with the systematic approach needed for monetary policy to...
Persistent link: https://www.econbiz.de/10012903929
The Federal Reserve's muddled mandate to attain simultaneously the incompatible goals of maximum employment and price stability invites short-term-oriented discretionary policymaking inconsistent with the systematic approach needed for monetary policy to contribute best to the economy over time....
Persistent link: https://www.econbiz.de/10011327424
The Federal Reserve's muddled mandate to attain simultaneously the incompatible goals of maximum employment and price stability invites short-term-oriented discretionary policymaking inconsistent with the systematic approach needed for monetary policy to contribute best to the economy over time....
Persistent link: https://www.econbiz.de/10013017027
deteriorating and the economy was growing considerably faster than the economy's natural growth rate-the sum of the Fed's 2 …% inflation goal and the growth rate of potential output. The resilience of the Fed's monetary policy strategy could be enhanced …, and such errors be avoided with guidance from a simple natural growth targeting rule that prescribes that the federal …
Persistent link: https://www.econbiz.de/10014479735
Throughout its history, the Fed has operated with a muddled mandate that has not explicitly recognized price stability as the primary goal of monetary policy. The Fed's success in maintaining price stability and fostering the good economic performance associated with it has depended on how it...
Persistent link: https://www.econbiz.de/10015117655
A burgeoning part of the monetary policy design literature posits that optimal monetary policy is the solution to a constrained optimization problem where the monetary authority has the discretion to minimize a social welfare function, taking the economy and other policies as given. Davig and...
Persistent link: https://www.econbiz.de/10013018366
panel growth regression analysis and a structural VAR model. We find that, on average, the incidence of terrorism may have … an economically significant negative effect on growth, albeit one that is considerably smaller and less persistent than … negative influence of these incidents on growth is smaller. …
Persistent link: https://www.econbiz.de/10010315840