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How Tight is U.S. Monetary Policy

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Abstract

In this Chicago Fed Letter, we use a quantitative macroeconomic model to tackle the question of whether the response of the Federal Reserve (the Fed) to recent high inflation is consistent with its historical behavior. This is an important question because systematic deviations from past behavior could lead the private sector to revise its expectations about how the Fed will respond to inflation going forward, which, according to macroeconomic theory, could affect its ability to stabilize inflation in the future.

Suggested Citation

  • Filippo Ferroni & Jonas D. M. Fisher & Leonardo Melosi, 2023. "How Tight is U.S. Monetary Policy," Chicago Fed Letter, Federal Reserve Bank of Chicago, vol. 0, March.
    • Handle: RePEc:fip:fedhle:95951
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    File URL: https://www.chicagofed.org/-/media/publications/chicago-fed-letter/2023/cfl476.pdf?sc_lang=en
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    More about this item

    JEL classification:

    • E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation: Models and Applications
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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