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Speed Limit Policies and Interest Rate Smoothing

Author

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  • James Yetman

    () (University of Hong Kong)

Abstract

Walsh (2003) argued that U.S. monetary policy can be described as following a "speed limit" policy. Here I show that this provides an explanation for the apparent interest rate smoothing present in central bank policy.

Suggested Citation

  • James Yetman, 2004. "Speed Limit Policies and Interest Rate Smoothing," Economics Bulletin, AccessEcon, vol. 5(17), pages 1-6.
  • Handle: RePEc:ebl:ecbull:eb-04e50011
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    References listed on IDEAS

    as
    1. Ozlale, Umit, 2003. "Price stability vs. output stability: tales of federal reserve administrations," Journal of Economic Dynamics and Control, Elsevier, vol. 27(9), pages 1595-1610, July.
    2. David Cobham, 2003. "Why does the Monetary Policy Committee smooth interest rates?," Oxford Economic Papers, Oxford University Press, vol. 55(3), pages 467-493, July.
    3. Carl Walsh, 2003. "Speed Limit Policies: The Output Gap and Optimal Monetary Policy," American Economic Review, American Economic Association, vol. 93(1), pages 265-278, March.
    4. Yetman, James, 2006. "Are speed limit policies robust?," Journal of Macroeconomics, Elsevier, vol. 28(4), pages 665-679, December.
    5. Currie,David & Levine,Paul, 2009. "Rules, Reputation and Macroeconomic Policy Coordination," Cambridge Books, Cambridge University Press, number 9780521104609, October.
    6. Yetman, James, 2005. "The credibility of the monetary policy "free lunch"," Journal of Macroeconomics, Elsevier, vol. 27(3), pages 434-451, September.
    7. Rudebusch, Glenn D., 2002. "Term structure evidence on interest rate smoothing and monetary policy inertia," Journal of Monetary Economics, Elsevier, vol. 49(6), pages 1161-1187, September.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Interest Rate Smoothing;

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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