1979-1982 - RULES OR DISCRETION IN MONETARY-POLICY

被引：3
作者：
HOELSCHER, G
机构：
来源：
ECONOMIC INQUIRY | 1990年 / 28卷 / 02期
关键词：
D O I：
10.1111/j.1465-7295.1990.tb00814.x
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
What determined MI growth from November 1979 through October 1982? A reaction function is developed and tested which ascribes the level of M1 to two Fed motives. One is the Fed's desire to hit its money growth targets, the other is to carry out a counter‐cyclical short‐run monetary policy. Both motives are found to be significant during the period. This evidence is consistent with the contention of some economists that the period was not a valid test of monetarist policy rules. Copyright © 1990, Wiley Blackwell. All rights reserved
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页码：249 / 256
页数：8
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