English, Article, Journal or magazine article edition: Changes in the Federal Reserve’s Inflation Target: Causes and Consequences Peter N. Ireland

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Bookmark: http://trove.nla.gov.au/version/73391
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Changes in the Federal Reserve’s Inflation Target: Causes and Consequences
Author
  • Peter N. Ireland
Physical Description
  • preprint
Notes
  • This paper estimates a New Keynesian model to draw inferences about the behavior of the Federal Reserve’s unobserved inflation target. The results indicate that the target rose from 1 1/​4 percent in 1959 to over 8 percent in the mid-to-late 1970s before falling back below 2 1/​2 percent in 2004. The results also provide some support for the hypothesis that over the entire postwar period, Federal Reserve policy has systematically translated short-run price pressures set off by supply-side shocks into more persistent movements in inflation itself, although considerable uncertainty remains about the true source of shifts in the inflation target.
  • inflation target, new Keynesian model, supply shocks, inflation
  • RePEc:boc:bocoec:607
Language
  • English
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