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Were There Regime Switches in U.S. Monetary Policy?
Open accessAbstract
A multivariate regime-switching model for monetary policy is confronted with U.S. data. The best fit allows time variation in disturbance variances only. With coefficients allowed to change, the best fit is with change only in the monetary policy rule and there are three estimated regimes corresponding roughly to periods when most observers believe that monetary policy actually differed. But the differences among regimes are not large enough to account for the rise, then decline, in inflation of the 1970s and 1980s. Our estimates imply monetary targeting was central in the early 1980s, but also important sporadically in the 1970s.
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Citations
Cited by
Monetary/Fiscal policy mix and agents' beliefs
Bianchi, F., & Ilut, C. (2017) · Review of Economic Dynamics · doi:10.1016/j.red.2017.02.011 · Cited by 259
Bianchi, F., & Melosi, L. (2017) · American Economic Review · doi:10.1257/aer.20160186 · Cited by 220
A Fiscal Theory of Persistent Inflation
Bianchi, F., Faccini, R., & Melosi, L. (2023) · The Quarterly Journal of Economics · doi:10.1093/qje/qjad027 · Cited by 116
Metadata
- Authors
- Sims, C. A., & Zha, T.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2006-02-01
- Volume
- 96
- Issue
- 1
- Pages
- 54-81
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W3123583581
- Cited by
- 1,590
- References
- 0
- FWCI
- 171.13
- Type
- journal article
- Language
- en
- Open access
- green
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
