Monetary Magic? : How the Fed Improved the Flexibility of the U.S. Economy /

Extending recent theoretical contributions on sources of inflation inertia, we argue that monetary uncertainty accounts for sluggish expectations adjustment to nominal disturbances. Estimating a model in which rational individuals learn over time about shifts in U.S. monetary policy and the Phillips...

Descrición completa

Detalles Bibliográficos
Autor Principal: Bayoumi, Tamim
Outros autores: Sgherri, Silvia
Formato: Revista
Idioma:English
Publicado: Washington, D.C. : International Monetary Fund, 2004.
Series:IMF Working Papers; Working Paper ; No. 2004/024
Acceso en liña:Full text available on IMF
LEADER 01816cas a2200253 a 4500
001 AALejournalIMF002839
008 230101c9999 xx r poo 0 0eng d
020 |c 5.00 USD 
020 |z 9781451844177 
022 |a 1018-5941 
040 |a BD-DhAAL  |c BD-DhAAL 
100 1 |a Bayoumi, Tamim. 
245 1 0 |a Monetary Magic? :   |b How the Fed Improved the Flexibility of the U.S. Economy /  |c Tamim Bayoumi, Silvia Sgherri. 
264 1 |a Washington, D.C. :  |b International Monetary Fund,  |c 2004. 
300 |a 1 online resource (30 pages) 
490 1 |a IMF Working Papers 
500 |a <strong>Off-Campus Access:</strong> No User ID or Password Required 
500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
506 |a Electronic access restricted to authorized BRAC University faculty, staff and students 
520 3 |a Extending recent theoretical contributions on sources of inflation inertia, we argue that monetary uncertainty accounts for sluggish expectations adjustment to nominal disturbances. Estimating a model in which rational individuals learn over time about shifts in U.S. monetary policy and the Phillips curve, we find strong evidence that this link exists. These results bring into question the standard approach for evaluating monetary rules by assuming unchanged private sector responses, help clarify the role of monetary stability in reducing output variability in the United States and elsewhere, and tell a subtle and dynamic story of the interaction between monetary policy and the supply side of the economy. 
538 |a Mode of access: Internet 
700 1 |a Sgherri, Silvia. 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 2004/024 
856 4 0 |z Full text available on IMF  |u http://elibrary.imf.org/view/journals/001/2004/024/001.2004.issue-024-en.xml  |z IMF e-Library