A Walk-Through and Analysis of U.S. Monetary Policy

Liu Weiping ()
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Liu Weiping: China Development Bank

Chapter Chapter 3 in American Monetary Policy Adjustment and Its Impacts, 2023, pp 49-79 from Springer

Abstract: Abstract We take the Fed's monetary policy and the U.S. macroeconomy since the 1980s as the research object, and then derive the relationship between monetary policy and the macroeconomy. In the following studies, the adjustment of the federal funds rate is the main research index of monetary policy, and the inflation rate, unemployment rate and GDP are the main macroeconomic indicators. U.S. monetary policy from 1980 to 2020 can be divided into three stages by the intermediate target for monetary policy. The first stage is from 1980 to 1993, during which the ultimate target was to curb hyperinflation and the intermediary target was the money supply; the second stage is from 1993 to 2019, during which the intermediate target was changed from the money supply to an index system centered on real interest rates and composed of a number of economic and financial variables, and the Taylor rule was adopted; the third stage is U.S. monetary policy in the wake of the COVID-19 pandemic.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-99-7810-6_3

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DOI: 10.1007/978-981-99-7810-6_3

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