| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11346 |
| 来源ID | Working Paper 11346 |
| What Remains from the Volcker Experiment? | |
| Benjamin M. Friedman | |
| 发表日期 | 2005-05-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | Under conventional representations of economic policymaking, any innovation is either (1) a change in the objectives that policymakers are seeking to achieve, (2) a change in the choice of policy instrument, or (3) a change in the way auxiliary aspects of economic activity are used to steer policy in the context of time lags. Most public discussion of the 1979 Volcker experiment at the time, and likewise most of the subsequent academic literature, emphasized either the role of quantitative targets for money growth (3) or the use of an open market operating procedure based on a reserves quantity rather than a short-term interest rate (2). With time, however, neither has survived as part of U.S. monetary policymaking. What remains is the question of whether 1979 brought a new, greater weight on the Federal Reserve%u2019s objective of price stability vis-a-vis its objective of output growth and high employment (1). That is certainly one interpretation of the historical record. But the historical evidence is also consistent with the view that the 1970s were exceptional, rather than that the experience since 1979 has differed from what went before as a whole. |
| 主题 | Macroeconomics ; Monetary Policy |
| URL | https://www.nber.org/papers/w11346 |
| 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/568985 |
| 推荐引用方式 GB/T 7714 | Benjamin M. Friedman. What Remains from the Volcker Experiment?. 2005. |
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| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w11346.pdf（133KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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