The Evolution Of Federal Reserve Credibility: 1978-1984
AbstractA random coefficients Kalman filter model of the response of commodity prices to weekly M1 announcements indicates a gradual evolution in the credibility of the Federal Reserve as an inflation fighter. The October 1979 announcement of a change in monetary policy aimed at reducing inflation did not result in an immediate increase in credibility, and the October 1982 announcement of a policy reversal did not diminish credibility. Credibility does vary with the underlying rate of inflation, which shows that markets pay attention to policy results not simply policy announcements. Copyright 1989 by MIT Press.
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Bibliographic InfoPaper provided by Columbia - Graduate School of Business in its series Papers with number fb-_88-16.
Length: 25 pages
Date of creation: 1989
Date of revision:
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Postal: U.S.A.; COLUMBIA UNIVERSITY, GRADUATE SCHOOL OF BUSINESS, PAINE WEBBER , New York, NY 10027 U.S.A
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central banks ; monetary policy ; inflation;
Other versions of this item:
- Hardouvelis, Gikas A & Barnhart, Scott W, 1989. "The Evolution of Federal Reserve Credibility: 1978-1984," The Review of Economics and Statistics, MIT Press, vol. 71(3), pages 385-93, August.
- Gikas A. Hardouvelis & Scott W. Barnhart, 1988. "The evolution of Federal Reserve credibility: 1978-1984," Research Paper 8809, Federal Reserve Bank of New York.
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- Huh, Chan G. & Lansing, Kevin J., 2000.
"Expectations, credibility, and disinflation in a small macroeconomic model,"
Journal of Economics and Business,
Elsevier, vol. 52(1-2), pages 51-86.
- Chan G. Huh & Kevin J. Lansing, 1998. "Expectations, credibility, and disinflation in a small macroeconomic model," Working Papers in Applied Economic Theory 98-01, Federal Reserve Bank of San Francisco.
- Chan G. Huh & Kevin J. Lansing, 1997. "Expectations, credibility, and disinflation in a small macroeconomic model," Working Paper 9713, Federal Reserve Bank of Cleveland.
- Willem Thorbecke & Hanjiang Zhang, 2009.
"Monetary Policy Surprises and Interest Rates: Choosing between the Inflation-Revelation and Excess Sensitivity Hypotheses,"
Southern Economic Journal,
Southern Economic Association, vol. 75(4), pages 1114-1122, April.
- THORBECKE, Willem & Hanjiang ZHANG, 2008. "Monetary Policy Surprises and Interest Rates: Choosing between the Inflation-Revelation and Excess Sensitivity Hypotheses," Discussion papers 08031, Research Institute of Economy, Trade and Industry (RIETI).
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