How inertial is monetary policy? implications for the fed’s exit strategy

Yuriy Gorodnichenko and Olivier Coibion

Department of Economics, Working Paper Series from Department of Economics, Institute for Business and Economic Research, UC Berkeley

Abstract: As the US economy recovers in fits and starts, attention is turning to exit strategies.How will the Fed unwind its quantitative easing? This column presents evidence ofsubstantial levels of policy inertia in monetary policy. It says that we should not expectrapid policy changes in the near future – barring clear signs of economic distress.

Date: 2016-01-01
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