Time-varying response of monetary policy to macroeconomic conditions.: An article from: Southern Economic Journal

This digital document is an article from Southern Economic Journal, published by Southern Economic Association on January 1, 1999. The length of the article is 4309 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: The Federal Reserve's response to the macroeconomy over the years 1953-1994 cannot be accurately depicted by a fixed-parameter discrete choice model. Therefore, the Federal Reserve's time-varying response is modeled by a nonlinear Kalman filter. The estimated time paths of the reaction function coefficients indicate that the Fed has responded countercyclically to changes in the price level except for the middle 1970s when it took into account inflation.

Citation Details
Title: Time-varying response of monetary policy to macroeconomic conditions.
Author: Chung-Hua Shen
Publication:Southern Economic Journal (Refereed)
Date: January 1, 1999
Publisher: Southern Economic Association
Volume: 65 Issue: 3 Page: 584(1)

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