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https://ah.lib.nccu.edu.tw/handle/140.119/6519
題名: | Does the Federal Reserve Lexicographically Order Its Policy Objectives? | 作者: | 沈中華 David R. Hakes; Edward N. Gamber ; Shen, Chung-Hua |
關鍵詞: | Federal Reserve; lexicographic order; Threshold Effect | 日期: | Jul-1995 | 上傳時間: | 6-Nov-2008 | 摘要: | We test a Federal Reserve reaction function for threshold effects among the Fed`s policy objectives. We find evidence that the Fed responds with greater intensity to a policy objective when that policy objective moves beyond acceptable bounds. We also find that the Fed only responds to lesser objectives when its primary, or threshold, objective is within acceptable bounds--a behavior which can be described as lexicographic ordering. Finally, our results suggest that Fed policy is becoming increasingly responsive to inflation and less responsive to unemployment. | 關聯: | Eastern Economic journal, 24(2), 195-206 | 資料類型: | article |
Appears in Collections: | 期刊論文 |
Files in This Item:
File | Description | Size | Format | |
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V24N2P195_206.pdf | 3.75 MB | Adobe PDF2 | View/Open |
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