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Has the U.S. economy become less interest rate sensitive?

Listed author(s):
  • Willis, Jonathan L.

    ()

    (Federal Reserve Bank of Kansas City)

  • Cao, Guangye

Jonathan L. Willis and Guangye Cao investigate shifts in the economy’s sensitivity to interest rates by examining how total employment responds to changes in monetary policy.

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File URL: https://www.kansascityfed.org/~/media/files/publicat/research/macrobulletins/mb15cao-willis0708.pdf
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Article provided by Federal Reserve Bank of Kansas City in its journal Macro Bulletin.

Volume (Year): (2015)
Issue (Month): (Jul 8)
Pages: 1-3

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Handle: RePEc:fip:fedkmb:00025
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  1. Van Zandweghe, Willem & Braxton, John Carter, 2013. "Has durable goods spending become less sensitive to interest rates?," Economic Review, Federal Reserve Bank of Kansas City, issue Q IV, pages 5-27.
  2. Richard Clarida & Jordi Galí & Mark Gertler, 2000. "Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory," The Quarterly Journal of Economics, Oxford University Press, vol. 115(1), pages 147-180.
  3. Hakkio, Craig S. & Kahn, George A., 2014. "Evaluating monetary policy at the zero lower bound," Macro Bulletin, Federal Reserve Bank of Kansas City, pages 1-2, July 21.
  4. Dynan, Karen E. & Elmendorf, Douglas W. & Sichel, Daniel E., 2006. "Can financial innovation help to explain the reduced volatility of economic activity?," Journal of Monetary Economics, Elsevier, vol. 53(1), pages 123-150, January.
  5. Steven J. Davis & James A. Kahn, 2008. "Interpreting the Great Moderation: Changes in the Volatility of Economic Activity at the Macro and Micro Levels," Journal of Economic Perspectives, American Economic Association, vol. 22(4), pages 155-180, Fall.
  6. Boivin, Jean & Kiley, Michael T. & Mishkin, Frederic S., 2010. "How Has the Monetary Transmission Mechanism Evolved Over Time?," Handbook of Monetary Economics,in: Benjamin M. Friedman & Michael Woodford (ed.), Handbook of Monetary Economics, edition 1, volume 3, chapter 8, pages 369-422 Elsevier.
  7. Milani, Fabio, 2007. "Expectations, learning and macroeconomic persistence," Journal of Monetary Economics, Elsevier, vol. 54(7), pages 2065-2082, October.
  8. Christiano, Lawrence J. & Eichenbaum, Martin & Evans, Charles L., 1999. "Monetary policy shocks: What have we learned and to what end?," Handbook of Macroeconomics,in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 2, pages 65-148 Elsevier.
  9. George A. Kahn, 1989. "The changing interest sensitivity of the U.S. economy," Economic Review, Federal Reserve Bank of Kansas City, issue Nov, pages 13-34.
  10. Giorgio E. Primiceri, 2005. "Time Varying Structural Vector Autoregressions and Monetary Policy," Review of Economic Studies, Oxford University Press, vol. 72(3), pages 821-852.
  11. Giordani, Paolo, 2004. "An alternative explanation of the price puzzle," Journal of Monetary Economics, Elsevier, vol. 51(6), pages 1271-1296, September.
  12. Frederic S. Mishkin, 1996. "The Channels of Monetary Transmission: Lessons for Monetary Policy," NBER Working Papers 5464, National Bureau of Economic Research, Inc.
  13. Jean Boivin & Marc Giannoni, 2002. "Has monetary policy become less powerful?," Staff Reports 144, Federal Reserve Bank of New York.
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