Reading the recent monetary history of the U.S., 1959-2007

Jesus Fernandez-Villaverde, Pablo Guerron and Juan F Rubio-Ramirez

No 10-15, Working Papers from Federal Reserve Bank of Philadelphia

Abstract: The authors report the results of the estimation of a rich dynamic stochastic general equilibrium model of the U.S. economy with both stochastic volatility and parameter drifting in the Taylor rule. They use the results of this estimation to examine the recent monetary history of the U.S. and to interpret, through this lens, the sources of the rise and fall of the great American inflation from the late 1960s to the early 1980s and of the great moderation of business cycle fluctuations between 1984 and 2007.

Keywords: economic conditions - United States; Business cycles - Econometric models; Econometric models; Monetary policy - United States (search for similar items in EconPapers)
Date: 2010
New Economics Papers: this item is included in nep-cba, nep-dge, nep-his, nep-mac and nep-mon
References: Add references at CitEc
Citations: View citations in EconPapers (4)

Downloads: (external link)
https://www.philadelphiafed.org/-/media/frbp/asset ... ers/2010/wp10-15.pdf (application/pdf)

Related works:
Working Paper: Reading the Recent Monetary History of the U.S., 1959-2007 (2010)
Working Paper: Reading the Recent Monetary History of the U.S., 1959-2007 (2010)
Working Paper: Reading the Recent Monetary History of the U.S., 1959-2007 (2010)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fip:fedpwp:10-15

Ordering information: This working paper can be ordered from

Access Statistics for this paper

More papers in Working Papers from Federal Reserve Bank of Philadelphia Contact information at EDIRC.
Bibliographic data for series maintained by Beth Paul ().