A vector autoregression with time-varying parameters is used to characterize changes in Federal Reserve policy that occurred from 2000 through 2007 and describe how they affected the performance of the U.S. economy. Declining coefficients in the model's estimated policy rule point to a shift in...

A vector autoregression with time-varying parameters is used to characterize changes in Federal Reserve policy that occurred from 2000 through 2007 and describe how they affected the performance of the U.S. economy. Declining coefficients in the model's estimated policy rule point to a shift in...

Session I -- 1 The Fed at Seventy-Five -- Commentary: Has the Fed Made a Difference? A Comparison of Pre- and Post-1914 Conditions -- Commentary: The Behavior of Foreign Central Banks: Comparisons and Contrasts with Fed Performance -- Commentary: The Federal Reserve Policy Process -- Reply --...