The Phillips curve and US monetary policy: what the FOMC transcripts tell us.
The Phillips curve framework, which includes the output gap and natural rate hypothesis, plays a central role in the canonical macroeconomic model used in analyses of monetary policy. It is now well understood that real-time data must be used to evaluate historical monetary policy. We believe that i...
| Publicado en: | Oxford Economic Papers Vol. 64; no. 2; pp. 197 - 217 |
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| Autores principales: | , |
| Formato: | Artículo |
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Oxford University Press / USA
Apr2012
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| 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=73911390&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 73911390 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00307653 OXE jtl: Oxford Economic Papers issn: 00307653 maglogo: N pubinfo: dt: Apr2012 vid: 64 iid: 2 pid: 622 pub: Oxford University Press / USA artinfo: ui: 73911390 10.1093/oep/gpr047 ppf: 197 ppct: 20 formats: tig: atl: The Phillips curve and US monetary policy: what the FOMC transcripts tell us. aug: au: Meade, Ellen E. Thornton, Daniel L. affil: *Department of Economics, American University, Washington DC 20016; e-mail: meade@american.edu †Federal Reserve Bank of St. Louis su: United States Macroeconomics Economic models Economic policy Phillips curve Monetary policy sug: subj: Macroeconomics Economic models Economic policy United States Phillips curve Monetary policy ab: The Phillips curve framework, which includes the output gap and natural rate hypothesis, plays a central role in the canonical macroeconomic model used in analyses of monetary policy. It is now well understood that real-time data must be used to evaluate historical monetary policy. We believe that it is equally important that macroeconomic models used to evaluate historical monetary policy reflect the framework that policymakers used to formulate that policy. To that end, we use the Federal Open Market Committee (FOMC) transcripts to examine the role that the Phillips curve framework played in Fed policymaking from 1979 through 2003. The FOMC's transcripts allow us to trace the evolution in policymakers’ discussion of the Phillips curve framework over time. Our analysis suggests that the Phillips curve was much less central to the formulation and implementation of US monetary policy than it is in models commonly used to evaluate that policy. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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