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Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory*
Abstract
We estimate a forward-looking monetary policy reaction function for the postwar United States economy, before and after Volcker's appointment as Fed Chairman in 1979. Our results point to substantial differences in the estimated rule across periods. In particular, interest rate policy in the Volcker-Greenspan period appears to have been much more sensitive to changes in expected inflation than in the pre-Volcker period. We then compare some of the implications of the estimated rules for the equilibrium properties of inflation and output, using a simple macroeconomic model, and show that the Volcker-Greenspan rule is stabilizing.
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Citations
Cited by
The Science of Monetary Policy: A New Keynesian Perspective
Clarida, R., Galí, J., & Gertler, M. (1999) · Journal of Economic Literature · doi:10.1257/jel.37.4.1661 · Cited by 4,916
Self-citationCredit spreads and business cycle fluctuations
Gilchrist, S., & Zakrajšek, E. (2012) · American Economic Review · doi:10.1257/aer.102.4.1692 · Cited by 2,213
Understanding the Effects of Government Spending on Consumption
Galí, J., López-Salido, J. D., & Vallés, J. (2007) · Journal of the European Economic Association · doi:10.1162/jeea.2007.5.1.227 · Cited by 1,922
Monetary Policy Surprises, Credit Costs, and Economic Activity
Gertler, M., & Karadi, P. (2015) · American Economic Journal: Macroeconomics · doi:10.1257/mac.20130329 · Cited by 1,455
Self-citationTesting for Indeterminacy: An Application to U.S. Monetary Policy
Lubik, T. A., & Schorfheide, F. (2004) · American Economic Review · doi:10.1257/000282804322970760 · Cited by 868
Metadata
- Authors
- Clarida, R., Gali, J., & Gertler, M.
- Venue
- Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 2000-02
- Volume
- 115
- Issue
- 1
- Pages
- 147-180
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W3022712314
- Cited by
- 4,625
- References
- 0
- FWCI
- 307.84
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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