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The Inefficiency of Short-Run Monetary Targets for Monetary Policy

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  • Benjamin M. Friedman

    (Harvard University)

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  • Benjamin M. Friedman, 1977. "The Inefficiency of Short-Run Monetary Targets for Monetary Policy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 8(2), pages 293-346.
  • Handle: RePEc:bin:bpeajo:v:8:y:1977:i:1977-2:p:293-346
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    Cited by:

    1. Stark, Tom & Croushore, Dean, 1998. "Evaluating McCallum's Rule When Monetary Policy Matters," Journal of Macroeconomics, Elsevier, vol. 20(3), pages 451-485, July.
    2. Willem H. Buiter, 1979. "Feedback and the Use of Current Information: The Use of General Linear Policy Rules in Rational Expectations Models," NBER Working Papers 0335, National Bureau of Economic Research, Inc.
    3. Kenneth D. West, 1993. "An Aggregate Demand--Aggregate Supply Analysis of Japanese Monetary Policy,1973-1990," NBER Chapters,in: Japanese Monetary Policy, pages 160-188 National Bureau of Economic Research, Inc.
    4. McCallum, Bennett T., 1981. "Price level determinacy with an interest rate policy rule and rational expectations," Journal of Monetary Economics, Elsevier, vol. 8(3), pages 319-329.
    5. Virginie Coudert & Sanvi Avouyi-Dovi & Michel Boutillier & Richard Topol, 1987. "Les fonctions de réaction des autorités monétaires allemandes, françaises et anglaises," Revue de l'OFCE, Programme National Persée, vol. 19(1), pages 175-188.
    6. Kenneth N Kuttner, 2008. "Equity prices as leading indicators: the Asian experience," BIS Papers chapters,in: Bank for International Settlements (ed.), Financial market developments and their implications for monetary policy, volume 39, pages 167-192 Bank for International Settlements.
    7. Rich, Georg, 2003. "Swiss monetary policy targeting 1974-1996: the role of internal policy analysis," Working Paper Series 236, European Central Bank.
    8. Walsh, Carl E, 1984. "Interest Rate Volatility and Monetary Policy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 16(2), pages 133-150, May.
    9. Bank for International Settlements, 2008. "Financial market developments and their implications for monetary policy," BIS Papers, Bank for International Settlements, number 39, January.
    10. Richard H. Clarida & Benjamin M. Friedman, 1986. "The Behavior of U.S. Short-Term Interest Rates Since 1979-10," Cowles Foundation Discussion Papers 695, Cowles Foundation for Research in Economics, Yale University.
    11. Iqbal M. Zaidi, 2006. "Exchange Rate Flexibility and the Monetary Policy Framework in Pakistan," SBP Research Bulletin, State Bank of Pakistan, Research Department, vol. 2, pages 115-140.
    12. Clarida, Richard H & Friedman, Benjamin M, 1984. " The Behavior of U.S. Short-Term Interest Rates since October 1979," Journal of Finance, American Finance Association, vol. 39(3), pages 671-682, July.
    13. Victor Zarnowitz, 1979. "Information, Measurement, And Prediction In Economics," NBER Working Papers 0318, National Bureau of Economic Research, Inc.
    14. West, Kenneth D, 1988. "On the Interpretation of Near Random-walk Behavior in GNP," American Economic Review, American Economic Association, vol. 78(1), pages 202-209, March.
    15. Georg Rich, 2007. "Swiss Monetary Targeting 1974-1996: The Role of Internal Policy Analysis," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 143(III), pages 283-329, September.
    16. Benjamin M. Friedman, 1988. "Targets and Instruments of Monetary Policy," NBER Working Papers 2668, National Bureau of Economic Research, Inc.
    17. Neil Skaggs, 1984. "A theory of the bureaucratic value of Federal Reserve operating procedures," Public Choice, Springer, vol. 43(1), pages 65-76, January.
    18. Charles Freedman, 1981. "Monetary Aggregates as Targets: Some Theoretical Aspects," NBER Working Papers 0775, National Bureau of Economic Research, Inc.
    19. Warwick J. McKibbin & Kanhaiya Singh, 2000. "Issues in the Choice of a Monetary Regime for India," ASARC Working Papers 2000-01, The Australian National University, Australia South Asia Research Centre.
    20. Benjamin M. Friedman, 1984. "The Value of Intermediate Targets in Implementing Monetary Policy," NBER Working Papers 1487, National Bureau of Economic Research, Inc.
    21. Benjamin M. Friedman, 1980. "Postwar Changes in the American Financial Markets," NBER Working Papers 0458, National Bureau of Economic Research, Inc.
    22. Miyakoshi, Tatsuyoshi & Jalolov, Mirzosharif, 2005. "Money-income causality revisited in EGARCH: Spillovers of monetary policy to Asia from the US," Journal of Asian Economics, Elsevier, vol. 16(2), pages 299-313, April.
    23. Jacques Mélitz, 1979. "Usage optimal des instruments monétaires en régime de changes flexibles," Revue Économique, Programme National Persée, vol. 30(5), pages 780-807.

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    Keywords

    macroeconomics; monetary policy;

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