Measuring Monetary Policy Inertia in Target Fed Funds Rate Changes
收藏ICPSR2000-01-01 更新2026-04-16 收录
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资源简介：
Recent research has grappled with an apparent paradox: Why would a central bank that is focused primarily on inflation control exhibit signs of inertia when making policy adjustments? In this article, the author argues that fully characterizing the policy inertia is a precondition toward resolving the apparent paradox. This research presents empirical estimates of adjustments to the target fed funds rate that take into account two facets of policy inertia: a partial-adjustment mechanism and thresholds for making discrete changes to the target fed funds rate. With a more complete picture of the policy inertia, subsequent research can investigate whether policy appears to display either too much or the right amount of inertia.
提供机构：
Federal Reserve Bank of St. Louis
创建时间：
2000-01-01
