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FOMC learning and productivity growth (1985-2003): a reading of the record

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  • Richard G. Anderson
  • Kevin L. Kliesen

Abstract

The increasingly rapid productivity growth that began in the 1990s was the defining economic event of the decade and a major topic of debate among Federal Reserve policymakers. A key aspect of the debate was the contrast between information contained in aggregate data, which initially suggested little productivity gain, and anecdotal firm-level evidence, which hinted at the productivity acceleration. The authors revisit this debate from the actual FOMC transcripts. Their study illustrates the process by which policymakers filter incoming data to identify changes in underlying fundamental trends.

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Bibliographic Info

Article provided by Federal Reserve Bank of St. Louis in its journal Review.

Volume (Year): (2010)
Issue (Month): Mar ()
Pages: 129-154

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Handle: RePEc:fip:fedlrv:y:2010:i:mar:p:129-154:n:v.92no.2

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Keywords: Monetary policy;

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Cited by:
  1. Richard G. Anderson & Kevin L. Kliesen, 2011. "How does the FOMC learn about economic revolutions? evidence from the New Economy Era, 1994-2001," Working Papers 2011-041, Federal Reserve Bank of St. Louis.
  2. Jan P.A.M Jacobs & Simon van Norden, 2010. "Lessons from the latest data on U.S. productivity," Working Papers 11-1, Federal Reserve Bank of Philadelphia.
  3. Jeremy J. Nalewaik, 2011. "The Income- and Expenditure-Side Estimates of U.S. Output Growth — An Update to 2011Q2," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 43(2 (Fall)), pages 385-411.

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