Does Anticipated Monetary Policy Matter? An Econometric Investigation

Frederic S. Mishkin

316 citations0/0 files storedJournal of Political Economy

No readable copy stored yet — this record is metadata only.

No open-access location is known for this record yet.

Literature note Cite in a project Citation map

Monetary Policy and Economic Impact Economic Theory and Policy Economic theories and models

Abstract

A heated debate has arisen over the policy ineffectiveness proposition associate with the work of Lucas, Sargent, and Wallace. It postulates that anticipated aggregate demand policy will have no effect on business-cycle fluctuations, so that one deterministic, feedback policy rule is as good as any other from the point of view of stabilizing the economy. This paper develops a methodology for empirically analyzing rational-expectations models displaying this neutrality result and then applies it to the important question of whether anticipated monetary policy matters to the business cycle.

Paper brief

Loading…

Cite this work

Citation unavailable for this work.

BibTeX RIS CSL-JSON

No public copy is stored for this record, so only the metadata is cited.

Citations in this library

Citation map →

Stored only when both papers are in the corpus — 316 citations exist upstream.

References

1961Rational Expectations and the Theory of Price Movements 1975"Rational" Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule 1977Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule 1967Phillips Curves, Expectations of Inflation and Optimal Unemployment over Time 1970Testing for Serial Correlation in Least-Squares Regression When Some of the Regressors are Lagged Dependent Variables 1976Unanticipated Money Growth and Unemployment in the United States 2008Investigating Causal Relations by Econometric Models and Cross-Spectral Methods 1978Unanticipated Money, Output, and the Price Level in the United States

Cited by

2009The History of the Phillips Curve: Consensus and Bifurcation 1999Chapter 15 Staggered price and wage setting in macroeconomics 1996ARE THE OUTPUT EFFECTS OF MONETARY POLICY ASYMMETRIC? EVIDENCE FROM A SAMPLE OF EUROPEAN COUNTRIES 1990Stock market dispersion and unemployment 1993ECONOMETRIC ISSUES IN MACROECONOMIC MODELS WITH GENERATED REGRESSORS

Explore the map →

Papers that cite the same references — the relational fallback while embeddings are still backfilling.

Imported from OpenAlex (CC0) — nothing here is generated.