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Is monetary policy becoming less effective?

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Author Info

  • Fair
  • Ray C.

Abstract

This paper estimates the amount by which the effectiveness of monetary policy in changing real output for a given change in interest rates has declined due to the increased size of the federal government debt.

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File URL: http://cowles.econ.yale.edu/P/cd/d10b/d1071.pdf
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Bibliographic Info

Paper provided by Federal Reserve Bank of San Francisco in its series Working Papers in Applied Economic Theory with number 95-05.

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Date of creation: 1995
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Publication status: Published in Conference on Monetary Policy in a Changing Financial Environment
Handle: RePEc:fip:fedfap:95-05

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Related research

Keywords: Monetary policy - United States ; Debts; Public ; Econometric models;

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