Is monetary policy becoming less effective?
Abstract: This paper estimates the amount by which the effectiveness of monetary policy in changing real output for a given change in interest rates has declined due to the increased size of the federal government debt.
Status: Published in Conference on Monetary Policy in a Changing Financial Environment
File(s): File format is application/pdf http://cowles.econ.yale.edu/P/cd/d10b/d1071.pdf
Provider: Federal Reserve Bank of San Francisco
Part of Series: Working Papers in Applied Economic Theory
Publication Date: 1995