| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w2300
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| 来源ID | Working Paper 2300
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| Monetary Policy Lessons of recent Inflation and Disinflation |
| William Poole
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| 发表日期 | 1987-06-01
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| 出版年 | 1987
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| 语种 | 英语
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| 摘要 | The decline of velocity in the 1980s is a surprise that should not have been. Economists unwisely relied on a velocity trend of 3 percent per year when they should have insisted on an economic explanation for rising velocity. An analysis of velocity and interest rates from 1915 to 1986 suggests that the interest elasticity of money demand is substantially higher than previously thought. The postwar increase of rates followed by a major decline of rates in the 1980s explains velocity behavior. The large decline in velocity almost certainly would have caused severe economic problems had the Federal Reserve not accommodated the decline through more rapid money growth. Federal Reserve policy between October 1979 and October 1982 emphasized control of money growth. Money market behavior during this period, compared to periods before and after, provides strong evidence that the market sets interest rates on the basis of a sophisticated understanding of monetary policy. The evidence makes clear that the monetary authorities cannot use interest rates to provide information on the state of the economy unless they know the extent to which interest rates reflect expectations of future monetary policy. |
| URL | https://www.nber.org/papers/w2300
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/559555
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推荐引用方式
GB/T 7714 |
William Poole. Monetary Policy Lessons of recent Inflation and Disinflation. 1987.
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文件名：
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w2300.pdf
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格式：
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Adobe PDF
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