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- W2155568648 abstract "We identify two major changes in the dynamics of the federal funds rate in the 1990s. We model the desired rate in a two-regime setting, one when the Fed makes no change and the other when the Fed is moving the desired rate to a new level. We find that the 1990s saw a longer duration in the no-change regime as well as smaller changes in the other regime. The smaller changes were neither due to a less aggressive Fed nor due to lower volatility of the fundamentals. In fact, the Fed responded more aggressively to changes in fundamentals in the 1990s. Copyright © 2004 John Wiley & Sons, Ltd." @default.
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- W2155568648 date "2004-05-01" @default.
- W2155568648 modified "2023-09-27" @default.
- W2155568648 title "Why were changes in the federal funds rate smaller in the 1990s?" @default.
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- W2155568648 doi "https://doi.org/10.1002/jae.745" @default.
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