Technology Shocks and Monetary Policy: Assessing the Fed's Performance

The purpose of the present paper is twofold. First, we characterize the Fed's systematic response to technology shocks and its implications for U.S. output, hours and inflation. Second, we evaluate the extent to which those responses can be accounted for by a simple monetary policy rule (including本研究的核心目标兼具双重面向。其一，我们刻画了美联储（Fed）针对技术冲击的系统性响应，并分析其对美国产出、劳动工时与通胀的影响。其二，我们评估了这类响应在多大程度上可由一项简洁的货币政策规则（包含