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Journal Article
M1 and monetary policy
Journal Article
Controlling inflation with an interest rate instrument
In this paper we examine the effectiveness in controlling long-run inflation of feedback rules for monetary policy that link changes in a short-term interest rate to an intermediate target for either nominal GDP or M2. We conclude that a rule aimed at controlling the growth rate of nominal GDP with an interest rate instrument could be an improvement over a purely discretionary policy. Our results suggest that the rule could provide better long-run control of inflation without increasing the volatility of real GDP or interest rates. Moreover, such a rule could assist policymakers even if it ...
Journal Article
Unemployment and inflation
Journal Article
What does unemployment tell us about future inflation?
Journal Article
Has the Fed gotten tougher on inflation?
Journal Article
Describing Fed behavior
Journal Article
Nominal feedback rules for monetary policy
Journal Article
Downgrading M1
Journal Article
The goals of U.S. monetary policy