Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/23448
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dc.contributor.authorTootell, Geoffen_US
dc.contributor.authorFuhrer, Jeffen_US
dc.date.accessioned2009-01-29T16:06:39Z-
dc.date.available2009-01-29T16:06:39Z-
dc.date.issued2004en_US
dc.identifier.urihttp://hdl.handle.net/10419/23448-
dc.description.abstractThe appropriate role for equity prices in monetary policy deliberations has been hotlydebated for some time. Recent work suggests that equity prices have affected monetarypolicy decisions above and beyond their indirect effect on the traditional goal variablesof the FOMC. However, the correlation between stock price movements and these othergoal variables has made the identification of the equity price effect problematic.Previous studies have used a forecast that embodies a different information set from theone used by the FOMC, which could bias the estimated coefficient on equity prices. Theauthors show that, in fact, the methods used in the earlier literature fail to adequatelydisentangle the observational equivalence problem. The authors then show that aftercontrolling for the information that actually enters the FOMCfs decision]making process,equity prices have had no independent effect on monetary policy.en_US
dc.language.isoengen_US
dc.publisher|aFederal Reserve Bank of Boston |cBoston, MAen_US
dc.relation.ispartofseries|aPublic policy discussion papers / Federal Reserve Bank of Boston |x04,2en_US
dc.subject.jelE61en_US
dc.subject.jelE52en_US
dc.subject.ddc330en_US
dc.subject.keywordmonetary policyen_US
dc.subject.keywordpolicy rulesen_US
dc.subject.keywordasset pricesen_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwRegelgebundene Politiken_US
dc.subject.stwBörsenkursen_US
dc.subject.stwAktienmarkten_US
dc.subject.stwUSAen_US
dc.titleEyes on the Prize: How Did the Fed Respond to the Stock Market?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn478719728en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-

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