Does the Federal Reserve Lexicographically Order Its Policy Objectives? | Publication

Title	Does the Federal Reserve Lexicographically Order Its Policy Objectives?
Creator	沈中華 David R. Hakes; Edward N. Gamber ; Shen, Chung-Hua
Key Words	Federal Reserve; lexicographic order; Threshold Effect
Date	1995-07
Date Issued	6-Nov-2008 10:13:32 (UTC+8)
Summary	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.
Relation	Eastern Economic journal, 24(2), 195-206
Type	article

dc.creator (作者)	沈中華	zh_TW
dc.creator (作者)	David R. Hakes; Edward N. Gamber ; Shen, Chung-Hua	-
dc.date (日期)	1995-07	en_US
dc.date.accessioned	6-Nov-2008 10:13:32 (UTC+8)	-
dc.date.available	6-Nov-2008 10:13:32 (UTC+8)	-
dc.date.issued (上傳時間)	6-Nov-2008 10:13:32 (UTC+8)	-
dc.identifier.uri (URI)	https://nccur.lib.nccu.edu.tw/handle/140.119/6519	-
dc.description.abstract (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.	-
dc.format	application/	en_US
dc.language	en	en_US
dc.language	en-US	en_US
dc.language.iso	en_US	-
dc.relation (關聯)	Eastern Economic journal, 24(2), 195-206	en_US
dc.subject (關鍵詞)	Federal Reserve; lexicographic order; Threshold Effect	-
dc.title (題名)	Does the Federal Reserve Lexicographically Order Its Policy Objectives?	en_US
dc.type (資料類型)	article	en