as the Fed itself. For a brief time in the Fed's history it used a policy-making rule based on monetary aggregates, and …The question of whether the Federal Reserve Board should use rules in the conduct of monetary policy is almost as old … today many are suggesting that it use a rule based on the federal funds rate. Other countries have used policy-making rules …

potential usefulness of indicator variables for the conduct of monetary policy. That is, we examine whether commodity prices …, interest rate spreads and exchange rates can explain incipient errors in the economic forecasts developed by the Fed's staff …

changes in policy. We define a class of models, midway between a vector autoregression and a structural model, that we call … policy rule. We recover parameter estimates of the recoverable structure and we demonstrate that these parameters are … invariant to changes in policy. Since the recoverable structure includes future expectations as explanatory variables our …

This paper describes the Federal Reserve's framework for implementing monetary policy prior to the expansion of the Fed … reserves in order to meet minimum reserve requirements. The New York Fed's open market trading desk implemented monetary policy …. The open market trading desk was able to achieve its monetary policy implementation objectives efficiently in the pre …

turnaround in monetary policy pursuits and a rapid rise in reference interest rates. The FED reacted much faster than the ECB and … an attempt to stop the recession. The degree of expansiveness of monetary policy was unprecedented. As a result of … of contractionary policies. The subject of the paper's analysis is the monetary policy of key central banks, as well as …

There is still some doubt about those economic variables that really matter for the FED's decisions. In comparison to …

policy problem for the Federal Reserve System (the Fed) or a potentially inflationary problem for the rest of us. Generally …, this analysis shows that both absolute and relative sizes of excess reserves are a big problem for the Fed as well as the …

Reserven, dass sie nicht mehr auf die jeweilige Zentralbank angewiesen sind. Diese Entwicklung lässt sich sowohl für die FED … additional money at large amounts and do not depend on central banks any more. This development is indicative for both the FED … creation. Just lowering or increasing interest rates, which was the major way of conducting monetary policy in the past, will …

There is still some doubt about those economic variables that really matter for the FED's decisions. In comparison to …

. The model and estimation allow for jumps at Fed announcements in investor beliefs, providing granular detail on why … the economic state and/or future regime change in the conduct of monetary policy, and subjective reassessments of … financial market risk. However, the structural estimation also finds that much of the causal impact of monetary policy on …