EconStor >
Bard College, Annandale-on-Hudson (NY) >
Levy Economics Institute of Bard College >
Public Policy Briefs, Levy Economics Institute of Bard College >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/54342
  
Title:Monetary policy uncovered - Flying blind: The federal reserve's experiment with unobservables PDF Logo
Authors:Papadimitriou, Dimitri B.
Wray, L. Randall
Issue Date:1994
Series/Report no.:Public policy brief // Jerome Levy Economics Institute of Bard College 15
Abstract:Experience with a variety of targets has cast doubt on the likelihood that a single variable can be found to be closely and reliably linked to future inflation; it is even less likely that such a variable, should it be found, would somehow be under the control and manipulation of the Federal Reserve. This brief provides a review of the experiments with various targets undertaken by former Fed Chairman Paul Volcker and current Chairman Alan Greenspan. The authors contend that there is no reason to suppose that the Fed will discover a target variable whose control will yield stable prices. Finally, they conclude that economists lack sufficient information to calculate the costs of achieving stable prices in terms of unemployment and lost output.
ISBN:0941276031
Document Type:Research Report
Appears in Collections:Public Policy Briefs, Levy Economics Institute of Bard College

Files in This Item:
File Description SizeFormat
678355215.pdf9.71 MBAdobe PDF
No. of Downloads: Counter Stats
Download bibliographical data as: BibTeX
Share on:http://hdl.handle.net/10419/54342

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.