政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/6519

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政大機構典藏 > 商學院 > 金融學系 > 期刊論文 > Item 140.119/6519

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Title:	Does the Federal Reserve Lexicographically Order Its Policy Objectives?
Authors:	沈中華 David R. Hakes;Edward N. Gamber;Shen, Chung-Hua
Keywords:	Federal Reserve;lexicographic order;Threshold Effect
Date:	1995-07
Issue Date:	2008-11-06 10:13:32 (UTC+8)
Abstract:	We test a Federal Reserve reaction function for threshold effects among the Fed`s policy objectives. We find evidence that the Fed responds with greater intensity to a policy objective when that policy objective moves beyond acceptable bounds. We also find that the Fed only responds to lesser objectives when its primary, or threshold, objective is within acceptable bounds--a behavior which can be described as lexicographic ordering. Finally, our results suggest that Fed policy is becoming increasingly responsive to inflation and less responsive to unemployment.
Relation:	Eastern Economic journal, 24(2), 195-206
Data Type:	article
Appears in Collections:	[金融學系] 期刊論文

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File	Description	Size	Format
V24N2P195_206.pdf		3746Kb	Adobe PDF2	476	View/Open

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