Monetary Policy Regimes and the Real Interest Rate

William T. Gavin

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

Abstract

During the period from 1965 to the end of 2015, the Federal Reserve operated monetary policy in a variety of ways associated with four distinct monetary policy regimes. These different monetary policy regimes display different outcomes for inflation, interest rates, and real consumption growth.

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1993Discretion versus policy rules in practice 1991Equilibria under ‘active’ and ‘passive’ monetary and fiscal policies 2005Drifts and volatilities: monetary policies and outcomes in the post WWII US 1981Some Unpleasant Monetarist Arithmetic 2002Has the Business Cycle Changed and Why?1994A simple model for study of the determination of the price level and the interaction of monetary and fiscal policy 2001Evolving Post-World War II U.S. Inflation Dynamics 2001Aggregate Productivity Growth: Lessons from Microeconomic Evidence

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