| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w8768 |
| 来源ID | Working Paper 8768 |
| Technology Shocks and Monetary Policy: Assessing the Fed's Performance | |
| Jordi Gali; J. David Lopez-Salido; Javier Valles | |
| 发表日期 | 2002-02-07 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | The purpose of the present paper is twofold. First, we characterize the Fed's systematic response to technology shocks and its implications for U.S. output, hours and inflation. Second, we evaluate the extent to which those responses can be accounted for by a simple monetary policy rule (including the optimal one) in the context of a standard business cycle model with sticky prices. Our main results can be described as follows: First, we detect significant differences across periods in the response of the economy (as well as the Fed's) to a technology shock. Second, the Fed's response to a technology shock in the Volcker-Greenspan period is consistent with an optimal monetary policy rule. Third, in the pre-Volcker period the Fed's policy tended to over stabilize output at the cost of generating excessive inflation volatility. Our evidence reinforces recent results in the literature suggesting an improvement in the Fed's performance. |
| 主题 | Macroeconomics ; Business Cycles ; Monetary Policy |
| URL | https://www.nber.org/papers/w8768 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/566375 |
| 推荐引用方式 GB/T 7714 | Jordi Gali,J. David Lopez-Salido,Javier Valles. Technology Shocks and Monetary Policy: Assessing the Fed's Performance. 2002. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w8768.pdf（384KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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