| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15731 |
| 来源ID | Working Paper 15731 |
| Exits from Recessions: The U.S. Experience 1920-2007 | |
| Michael D. Bordo; John Landon-Lane | |
| 发表日期 | 2010-02-11 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | In this paper we provide some evidence on when central banks have shifted from expansionary to contractionary monetary policy after a recession has ended--the exit strategy. We examine the relationship between the timing of changes in several instruments of monetary policy and the timing of changes of selected real macro aggregates and price level (inflation) variables across U.S. business cycles from 1920-2007. We find, based on historical narratives, descriptive evidence and econometric analysis, that in the 1920s and the 1950s the Fed would generally tighten when the price level turned up. By contrast, since 1960 the Fed has generally tightened when unemployment peaked and this tightening often occurred after inflation began to rise. The Fed is often too late to prevent inflation. |
| 主题 | History ; Macroeconomic History |
| URL | https://www.nber.org/papers/w15731 |
| 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/573405 |
| 推荐引用方式 GB/T 7714 | Michael D. Bordo,John Landon-Lane. Exits from Recessions: The U.S. Experience 1920-2007. 2010. |
| 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 | ||
| w15731.pdf（386KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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