Federal reserve policy viewed through a money supply lens

• 成果类型: Article
• 署名作者: Chowdhury, Ibrahim; Schabert, Andreas
• 署名单位: Swiss National Bank (SNB); Dortmund University of Technology; Tinbergen Institute
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2008.03.003
• 发表日期: 2008
• 页码: 825-834
• 关键词: money supply; Reaction functions; nonborrowed reserves; Real-time data; Equilibrium determinacy

摘要

Federal Reserve nonborrowed reserve supply systematically responded to changes in inflation and in the output gap over the period 1969-2000. While the feedback from output gap is always negative, the response of money supply to changes in inflation varies considerably across time. Nonborrowed reserves decreased with inflation in the post1979 period and increased in the pre-1979 period. Applying a standard macro-model, the estimated reaction functions are shown to ensure equilibrium determinacy. Viewed through the money supply lens, Federal Reserve policy substantially changed over time, but has never allowed for enclogenous fluctuations, which contrasts conclusions drawn from federal funds Fate analyses. (c) 2008 Elsevier B.V. All rights reserved.