FOMC learning and productivity growth (1985-2003): a reading of the record
AbstractThe 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 InfoArticle provided by Federal Reserve Bank of St. Louis in its journal Review.
Volume (Year): (2010)
Issue (Month): Mar ()
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- Jan P.A.M. Jacobs & Simon van Norden, 2010.
"Lessons From the Latest Data on U.S. Productivity,"
CAMA Working Papers
2010-33, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
- 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.
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