How Tight is U.S. Monetary Policy

Filippo Ferroni, Jonas Fisher and Leonardo Melosi

Chicago Fed Letter, 2023, vol. No 476

Abstract: In this Chicago Fed Letter, we use a quantitative macroeconomic model to tackle the question of whether the response of the Federal Reserve (the Fed) to recent high inflation is consistent with its historical behavior. This is an important question because systematic deviations from past behavior could lead the private sector to revise its expectations about how the Fed will respond to inflation going forward, which, according to macroeconomic theory, could affect its ability to stabilize inflation in the future.

JEL-codes: E17 E31 E52 (search for similar items in EconPapers)
Date: 2023
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