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Measuring Monetary Policy Inertia in Target Fed Funds Rate Changes (ICPSR 1212)
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.
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Dueker, Michael. Measuring Monetary Policy Inertia in Target Fed Funds Rate Changes. ICPSR01212-v1. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2005-05-03. http://doi.org/10.3886/ICPSR01212.v1
Persistent URL: http://doi.org/10.3886/ICPSR01212.v1
Scope of Study
Geographic Coverage: United States
(1) The files submitted are 9909md.wf1 and 9909md.xls. (2) These data are part of ICPSR's Publication-Related Archive and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator if further information is desired.
Original ICPSR Release: 2000-05-03
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