| dc.contributor | 金融系 | |
| dc.creator (作者) | Shen, Chung-Hua;Hakes, David R.;Brown, Kenneth | |
| dc.creator (作者) | 沈中華 | zh_TW |
| dc.date (日期) | 1999 | |
| dc.date.accessioned | 24-Mar-2015 11:44:58 (UTC+8) | - |
| dc.date.available | 24-Mar-2015 11:44:58 (UTC+8) | - |
| dc.date.issued (上傳時間) | 24-Mar-2015 11:44:58 (UTC+8) | - |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/73971 | - |
| dc.description.abstract (摘要) | We reject the hypothesis that the Federal Reserve’s response to the macroeconomy over the period of 1953–1994 can be accurately represented with a fixed-parameter discrete choice model. Thus, we model the Fed’s time-varying response with a nonlinear Kalman filter. The estimated time paths of the reaction function coefficients suggest that the Fed has responded countercyclically to movements in the price level except for the middle 1970s when it accommodated inflation. The Fed has generally responded countercyclically to unemployment and output during recessions. However, it has not maintained a countercyclical policy during nonrecessionary times until the 1980s. | |
| dc.format.extent | 149 bytes | - |
| dc.format.mimetype | text/html | - |
| dc.relation (關聯) | Southern Economic Journal, 1999, vol. 65, issue 3, pages 584-593 | |
| dc.subject (關鍵詞) | Discrete Choice Model; Federal Reserve; Monetary Policy; Price Level; kalman filter; Time Varying | |
| dc.title (題名) | Time-Varying Response of Monetary Policy to Macroeconomic Conditions | |
| dc.type (資料類型) | article | en |
