| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w12118
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| 来源ID | Working Paper 12118
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| The Greenspan Era: Discretion, Rather Than Rules |
| Benjamin M. Friedman
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| 发表日期 | 2006-03-27
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| 出版年 | 2006
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| 语种 | 英语
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| 摘要 | What stands out in retrospect about U.S. monetary policy during the Greenspan Era is the ongoing movement away from mechanistic restrictions on the conduct of policy, together with a willingness on occasion to depart even from what more flexible guidelines dictated by contemporary conventional wisdom would imply, in the interest of carrying out the Federal Reserve System%u2019s dual mandate to pursue both stable prices and maximum employment. Part of this change was procedural %u2013 for example, the elimination of money growth targets. The most substantive demonstration of policy flexibility came in the latter half of the 1990s, as unemployment fell below 6% (in 1994), then below 5% (in 1997), and then remained below 5% for more than four years, yet the Federal Reserve did not tighten monetary policy. This policy stance was consistent with a view of the economy, including faster productivity growth and increased exposure to international competition, that Chairman Greenspan had articulated nearly a decade before. |
| 主题 | Macroeconomics
; Monetary Policy
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| URL | https://www.nber.org/papers/w12118
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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/569771
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推荐引用方式
GB/T 7714 |
Benjamin M. Friedman. The Greenspan Era: Discretion, Rather Than Rules. 2006.
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文件名：
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w12118.pdf
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格式：
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Adobe PDF
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