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- W2989585114 abstract "Twenty-five years ago William Dewald and Harry Johnson (1963) published their path-breaking Federal Reserve reaction function. By regressing an indicator of Fed policy on the Fed's goal variables, such as the unemployment rate and the price index, they tried to replace vague talk about the Fed's response to economic conditions with more rigorous econometric procedures. Not surprisingly, their work gave rise to an extensive research effort. Has that effort been successful? One way to approach that question is to see if Fed reaction functions generally have reached similar conclusions, so that one can say that certain results have been well established. Another way is to ask if the results reached by the use of Fed reaction functions are robust with respect to more or less arbitrary differences in specifications. Unfortunately, as this chapter will show, neither of those conditions has been met." @default.
- W2989585114 created "2019-12-05" @default.
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- W2989585114 date "1990-09-28" @default.
- W2989585114 modified "2023-10-02" @default.
- W2989585114 title "The Federal Reserve reaction function: a specification search" @default.
- W2989585114 doi "https://doi.org/10.1017/cbo9780511571947.004" @default.
- W2989585114 hasPublicationYear "1990" @default.
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