The Feds Monetary Policy Rule: Past, Present and Future

Antonio Moreno ()

No 02/04, Faculty Working Papers from School of Economics and Business Administration, University of Navarra

Abstract: This paper has a twofold purpose. In the context of a structural macroeconomic model, it derives estimates of the Federal Reserve's preference parameters in its pre and post - 1980 loss function. We show that there was an economically, but not statistically, significant change in the preferences of the U.S. Fed towards inflation stabilization. We also derive, within a strict inflation targeting regime, the optimal changes in the Fed's reaction to expected inflation as a function of the forward looking parameters in the supply and demand equations.

JEL-codes: C32 C62 E32 E52 (search for similar items in EconPapers)
Pages: 21 pages
Date: 2004-01-01
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Forthcoming, James Tobin conference volume "Monetary Policy and Labor Markets: A Conference in Honor

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