The financial market's understanding of Federal Reserve behavior is used to examine recent changes in monetary policy. Changes in the level of interest rats in response to specific types of economic information are primarily considered. Differences in the volatility of interest rates across period provide additional evidence on changes in monetary policy regimes. The results indicate that monetary policy changed several times since 1980 with respect to either the Federal Reserve's targets, its desire to achieve its targets, or its operating procedures. The different regimes correspond to Federal Reserve statements about changes in policy. In this context, then, the evidence suggests that policy was credible.
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number
2608.
Length: Date of creation: Jan 1991 Date of revision: Publication status: published as "Federal Reserve Behavior Since 1980: A Financial-Market Perspective." From The Political Economy of American Monetary Policy, edited by Thomas Mayer, pp. 65-82. New York: Cambridge University Press, 1990. Handle: RePEc:nbr:nberwo:2608
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