| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4853 |
| DP4853 Optimal Life-Cycle Asset Allocation: Understanding the Empirical Evidence | |
| Alexander Michaelides; Francisco Gomes | |
| 发表日期 | 2005-01-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | This study offers a historical review of the monetary policy reform of October 6, 1979, and discusses the influences behind it and its significance. We lay out the record from the start of 1979 through the spring of 1980, relying almost exclusively upon contemporaneous sources, including the recently released transcripts of Federal Open Market Committee (FOMC) meetings during 1979. We then present and discuss in detail the reasons for the FOMC?s adoption of the reform and the communications challenge presented to the Committee during this period. Further, we examine whether the essential characteristics of the reform were consistent with monetarism, new, neo, or old-fashioned Keynesianism, nominal income targeting, and inflation targeting. The record suggests that the reform was adopted when the FOMC became convinced that its earlier gradualist strategy using finely tuned interest rate moves had proved inadequate for fighting inflation and reversing inflation expectations. The new plan had to break dramatically with established practice, allow for the possibility of substantial increases in short-term interest rates, yet be politically acceptable, and convince financial markets participants that it would be effective. The new operating procedures were also adopted for the pragmatic reason that they would likely succeed. |
| 主题 | International Macroeconomics |
| 关键词 | Federal Reserve Fomc Paul volcker Monetary reform Operating procedures |
| URL | https://cepr.org/publications/dp4853 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533761 |
| 推荐引用方式 GB/T 7714 | Alexander Michaelides,Francisco Gomes. DP4853 Optimal Life-Cycle Asset Allocation: Understanding the Empirical Evidence. 2005. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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