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Monetary policy rules and inflation control in the US

dc.contributor.authorEleftheriou, Maria
dc.contributor.authorKouretas, Georgios P.
dc.date.accessioned2023-09-25T08:10:10Z
dc.date.available2023-09-25T08:10:10Z
dc.date.issued2022
dc.identifier.citationMaria Eleftheriou, Georgios P. Kouretas, Monetary policy rules and inflation control in the US, Economic Modelling, Volume 119, 2023, 106137, ISSN 0264-9993, https://doi.org/10.1016/j.econmod.2022.106137es
dc.identifier.issn0264-9993
dc.identifier.urihttps://hdl.handle.net/10115/24513
dc.description.abstractThe interplay between policy-setting by the Federal Reserve and inflation is explored during a period with significant and diverse episodes from 1979 onwards. Our unrestricted estimates reveal a stable target path for the policy rate with a strong response to inflation and an effective control over it. We identify moments of discretionary and rule-based policy-making throughout three different chairmanships and quantify the degree of policy inertia. Including the ‘great recession’ and the first years after the crisis leaves the above-mentioned characteristics unchanged and shows that the adjustment to deviations from the target path becomes less gradual. Replacing the federal funds rate with a shadow rate yields ineffective inflation control, indicating that the dynamic behaviour of inflation is affected by the implementation of unconventional policy when the zero lower bound applies.es
dc.language.isoenges
dc.publisherElsevieres
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 Internacional*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/*
dc.subjectMonetary policyes
dc.subjectFederal reservees
dc.subjectTaylor rulees
dc.subjectCointegrationes
dc.subjectVEC modeles
dc.titleMonetary policy rules and inflation control in the USes
dc.typeinfo:eu-repo/semantics/articlees
dc.identifier.doi10.1016/j.econmod.2022.106137es
dc.rights.accessRightsinfo:eu-repo/semantics/openAccesses


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Attribution-NonCommercial-NoDerivatives 4.0 InternacionalExcept where otherwise noted, this item's license is described as Attribution-NonCommercial-NoDerivatives 4.0 Internacional