EconPapers    
Economics at your fingertips  
 

Should The Fed Smooth Interest Rates? The Case of Seasonal Monetary Policy

N. Gregory Mankiw () and Jeffrey Miron ()

No 3388, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper examines the choice of monetary policy in response to seasonal fluctuations in the economy. It discusses the costs and benefits of smoothing interest rates over the seasons, which has been the Fed's policy since its founding in 1914, and presents simulations suggesting how the economy would behave under the alternative policy of stabilizing the money stock. Finally, it presents evidence that the smoothing of interest rates in 1914 changed the seasonal business cycle.

Date: 1990-06
Note: EFG ME ITI PE
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7) Track citations by RSS feed

Published as Carnegie-Rochester Conference Series on Public Policy, Vol. 34, pp. 41-69,(Spring 1991).

Downloads: (external link)
http://www.nber.org/papers/w3388.pdf (application/pdf)

Related works:
Journal Article: Should the fed smooth interest rates? the case of seasonal monetary policy (1991) Downloads
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:nbr:nberwo:3388

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w3388

Access Statistics for this paper

More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by ().

 
Page updated 2019-03-31
Handle: RePEc:nbr:nberwo:3388