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Keywords:Federal Open Market Committee 

Journal Article
Taylor's rule and the Fed, 1970-1997

This paper estimates a simple model of the Federal Reserve's "reaction function" - that is, the relationship between economic developments and the fed's response to them. We focus on how this estimated reaction function has changed over time. Such changes are not surprising given compositional changes in the Federal Open Market Committee, and we consider three subsamples delineated by the terms of recent fed Chairmen. We find that the estimated reaction functions for each period vary in ways that seem broadly consistent with the success or failure during the period at controlling ...
Economic Review

Journal Article
Regional economic conditions and the FOMC votes of district presidents

It is often argued that the institutional structure of the Federal Reserve System influences the formulation and attainment of national monetary policy goals. District Bank presidents do play a major role in the formulation of monetary policy. The Federal Reserve Bank of New York always has one of twelve votes at the policy-making Federal Open Market Committee (FOMC) meetings, and four of the remaining eleven votes rotate among the other Reserve Bank presidents. ; This article tests whether regional economic performance excessively influences the votes of District Bank presidents. The article ...
New England Economic Review , Issue Mar , Pages 3-16

Journal Article
Statement to Congress, October 19, 1993 (issues related to Federal Open Market Committee)

Federal Reserve Bulletin , Issue Dec , Pages 1124

Journal Article
Forecasting inflation and growth: do private forecasts match those of policymakers?

Federal Open Market Committee (FOMC) projections are important because they provide information for evaluating current monetary policy intentions and because they indicate what FOMC members think will be the likely consequence of their policies. Knowing the Fed?s objectives, their forecasts, and recent deviations of the economy from the forecasts should be sufficient to understand how the Fed is making monetary policy. Results here show that the Blue Chip consensus forecasts are a good proxy for the FOMC views. For example, they match the policymakers? views as closely as do the Board staff ...
Review , Volume 83 , Issue May

Speech
A perspective on the U.S. Economy and monetary policy (with reference to the music of Richard Wagner and Gangsta Rap)

Remarks before New Mexico State University's Spring 2011 Domenici Institute Forum, Las Cruces, New Mexico, May 4, 2011 ; I will keep my comments as brief as possible this afternoon so as to leave ample time for Q&A. I want to first provide the prcis of the analysis of the nation?s economy that I presented to the FOMC (Federal Open Market Committee) last week on behalf of the 27 million citizens of the 11th District of the Federal Reserve System, including the citizens of Las Cruces and southern New Mexico. Second, I will discuss inflation as we see it at the Dallas Fed. But before getting ...
Speeches and Essays , Paper 89

Journal Article
What are the odds? option-based forecasts of FOMC target changes

This article uses probability forecasts derived from options to assess evolving market uncertainty about Federal Reserve monetary policy actions in a variety of recent events and episodes. Options on federal funds futures contracts reveal a complete probability density function over possible Federal Reserve target rates, thus augmenting the expectations provided by federal funds futures contracts. Option-based forecasts are most useful when more than two federal funds target outcomes are plausible at an upcoming policy meeting.
Review , Volume 88 , Issue Nov , Pages 543-562

Journal Article
Transparency in monetary policy

FRBSF Economic Letter

Journal Article
Inferring policy objectives from policy actions

FRBSF Economic Letter

Journal Article
The importance of an asymmetric directive

Monetary Trends , Issue Aug

Journal Article
Stance of monetary policy eased

Federal Reserve Bulletin , Issue Nov , Pages 939

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