| Record ID | marc_loc_2016/BooksAll.2016.part39.utf8:145797537:1887 |
| Source | Library of Congress |
| Download Link | /show-records/marc_loc_2016/BooksAll.2016.part39.utf8:145797537:1887?format=raw |
LEADER: 01887cam a22002897a 4500
001 2011655935
003 DLC
005 20110422083919.0
007 cr |||||||||||
008 110421s2011 mau sb 000 0 eng
010 $a 2011655935
040 $aDLC$cDLC
050 00 $aHB1
100 1 $aCoibion, Olivier.
245 10 $aWhy are target interest rate changes so persistent?$h[electronic resource] /$cOlivier Coibion, Yuriy Gorodnichenko.
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2011.
490 1 $aNBER working paper series ;$vworking paper 16707
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 4/21/2011.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"While the degree of policy inertia in central banks' reaction functions is a central ingredient in theoretical and empirical monetary economics, the source of the observed policy inertia in the U.S. is controversial, with tests of competing hypotheses such as interest-smoothing and persistent-shocks theories being inconclusive. This paper employs real time data; nested specifications with flexible time series structures; narratives; interest rate forecasts of the Fed, financial markets, and professional forecasters; and instrumental variables to discriminate competing explanations of policy inertia. The presented evidence strongly favors the interest-smoothing explanation and thus can help resolve a key puzzle in monetary economics"--National Bureau of Economic Research web site.
700 1 $aGorodnichenko, Yuriy.
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 16707.
856 40 $uhttp://www.nber.org/papers/w16707