STOP‐GO MONETARY POLICY.
We propose and estimate several discrete choice models of monetary policy decision‐making that feature time‐varying inertia. The models permit us to account for three stylized facts characterizing monetary policymaking in the United States: (1) target interest rates are gradually adjusted in small d...
| Publicado en: | Economic Inquiry Vol. 57; no. 3; pp. 1698 - 1718 |
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| Autores principales: | , , , |
| Formato: | Artículo |
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Wiley-Blackwell
Jul2019
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| Materias: | |
| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=136579407&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 136579407 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00952583 EIQ jtl: Economic Inquiry issn: 00952583 maglogo: Y pubinfo: dt: Jul2019 vid: 57 iid: 3 pid: 480 pub: Wiley-Blackwell artinfo: ui: 136579407 10.1111/ecin.12787 ppf: 1698 ppct: 20 formats: fmt: – @attributes: type: T – @attributes: type: C – @attributes: type: P size: 395KB tig: atl: STOP‐GO MONETARY POLICY. aug: au: Chappell, Henry W. Harris, Mark N. McGregor, Rob Roy Spencer, Christopher affil: Professor, Department of Economics, American University of Sharjah, Sharjah United Arab Emirates Professor, School of Economics, Finance and Property, Curtin University, Perth WA 6102, Australia Professor of Economics, Department of Economics, University of North Carolina at Charlotte, Charlotte NC 28223 Senior Lecturer, School of Business and Economics, Loughborough University, Loughborough LE11 3TU, UK su: United States Recessions Housing Monetary policy Interest rates Discrete choice models sug: subj: Recessions Housing United States Other Community Housing Services Monetary policy Interest rates Discrete choice models ab: We propose and estimate several discrete choice models of monetary policy decision‐making that feature time‐varying inertia. The models permit us to account for three stylized facts characterizing monetary policymaking in the United States: (1) target interest rates are gradually adjusted in small discrete movements, (2) there are some long stretches of time in which rates are repeatedly moved, and (3) there are other long stretches in which the policy rate does not change. The models are used to account for delayed monetary policy responses to the recession of 2001 and to the housing‐driven expansion of 2003–2006. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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