Working Paper

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.

Keywords: Monetary policy - United States; Debts, Public; Econometric models;

Status: Published in Conference on Monetary Policy in a Changing Financial Environment

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Bibliographic Information

Provider: Federal Reserve Bank of San Francisco

Part of Series: Working Papers in Applied Economic Theory

Publication Date: 1995

Number: 95-05