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Monetary Policy Trade-offs and the Correlation between Nominal Interest Rates and Real Output

Author

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  • Fuhrer, Jeffrey C
  • Moore, George R

Abstract

The authors present a structural model of the U.S. economy that combines their price-contracting specification with a term-structure relationship, an aggregate demand curve, and a monetary-policy reaction function. The model matches important features of postwar data well and provides a structural explanation of the correlation between real output and the short-term nominal rate of interest. The authors perform a battery of monetary-policy experiments that show that, as viewed through the lens of this model, monetary policy has struck a good balance recently among competing monetary-policy objectives. Copyright 1995 by American Economic Association.

Suggested Citation

  • Fuhrer, Jeffrey C & Moore, George R, 1995. "Monetary Policy Trade-offs and the Correlation between Nominal Interest Rates and Real Output," American Economic Review, American Economic Association, vol. 85(1), pages 219-239, March.
  • Handle: RePEc:aea:aecrev:v:85:y:1995:i:1:p:219-39
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