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Keywords:Monetary policy - United States 

Journal Article
Price stability and regional diversity

An argument against using short-term monetary policy to alleviate regional economic shocks and an analysis of how regional economic diversity lends strength to the goal of price stability as the Federal Reserve System's sole monetary policy focus.
Economic Commentary , Issue May

Journal Article
Velocity and monetary policy in 1982

FRBSF Economic Letter

Working Paper
The decline of activist stabilization policy: natural rate misperceptions, learning, and expectations

We develop an estimated model of the U.S. economy in which agents form expectations by continually updating their beliefs regarding the behavior of the economy and monetary policy. We explore the effects of policymakers' misperceptions of the natural rate of unemployment during the late 1960s and 1970s on the formation of expectations and macroeconomic outcomes. We find that the combination of monetary policy directed at tight stabilization of unemployment near its perceived natural rate and large real-time errors in estimates of the natural rate uprooted heretofore quiescent inflation ...
International Finance Discussion Papers , Paper 804

Journal Article
Actual Federal Reserve policy behavior and interest rate rules

A popular way to approximate Federal Reserve policy is through the use of estimated interest rate equations, or policy "rules." In these rules, the dependent variable is the interest rate that the Federal Reserve is assumed to control and the explanatory variables are those factors assumed to affect Federal Reserve behavior. This article presents estimates of such a rule, using data from 1954:1-1999:3 but omitting the 1979:4-1982:3 period, when monetary targets were emphasized. Although the estimated coefficient on inflation is found to be larger in the post-1982 period, the difference is ...
Economic Policy Review , Issue Mar , Pages 61-72

Speech
Texas redux, America restrained (with a discussion of the limits of monetary policy)

Remarks before the Texas Manufacturers Summit 2012, San Marcos, TX, February 15, 2012 ; "In a nutshell, Texas continues on a path it has been on for over two decades, outperforming the nation in economic growth and job expansion. We have fully recovered the jobs lost during the Great Recession and have punched through previous peak employment levels."
Speeches and Essays , Paper 103

Working Paper
Financial innovation and monetary policy effectiveness

Working Papers , Paper 8701

Journal Article
Real interest rates

FRBSF Economic Letter

Working Paper
The formulation of monetary policy

The purpose of this paper is to elucidate the way in which current institutional arrangements shape the character of monetary policy. It is emphasized that the Fed, in order to preserve its independence, formulates monetary policy in a way that prevents the formation of coalitions within the government that could threaten its independence. As a consequence, the Fed, in general, attempts to balance multiple, changing objectives. This attempt leads to the demand for "flexibility," an absence of precommitment. Much of the paper is devoted to a discussion of the way in which the Fed's desire to ...
Working Paper , Paper 84-02

Journal Article
Ending the lag

FRBSF Economic Letter

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Judd, John P. 50 items

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