The Resource The Lower and Upper Bounds of the Federal Open Market Committee's Long-Run Inflation Objective
The Lower and Upper Bounds of the Federal Open Market Committee's Long-Run Inflation Objective
Resource Information
The item The Lower and Upper Bounds of the Federal Open Market Committee's Long-Run Inflation Objective represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in Bowdoin College Library.This item is available to borrow from 1 library branch.
Resource Information
The item The Lower and Upper Bounds of the Federal Open Market Committee's Long-Run Inflation Objective represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in Bowdoin College Library.
This item is available to borrow from 1 library branch.
- Summary
- It is widely acknowledged that the Fed can control the average inflation rate over a period of time reasonably well. Because of this and the Federal Open Market Committee's (FOMC's) long-standing commitment to price stability, the author argues that the FOMC has an implicit long-run inflation objective (LIO) lower and upper bounds to the long-run inflation rate. He shows that the statements made by the FOMC in 2003 clarified the lower bound of its LIO and that the average of long-run inflation expectations responded by rising about 80 basis points. Moreover, consistent with reducing the market's uncertainty about the FOMC's LIO, long-run inflation expectations became more stable. The FOMC has recently been more specific about the upper bound of its LIO as well. The FOMC could eliminate the remaining uncertainty by establishing an explicit, numerical inflation objective
- Note
- 1344
- Label
- The Lower and Upper Bounds of the Federal Open Market Committee's Long-Run Inflation Objective
- Title
- The Lower and Upper Bounds of the Federal Open Market Committee's Long-Run Inflation Objective
- Summary
- It is widely acknowledged that the Fed can control the average inflation rate over a period of time reasonably well. Because of this and the Federal Open Market Committee's (FOMC's) long-standing commitment to price stability, the author argues that the FOMC has an implicit long-run inflation objective (LIO) lower and upper bounds to the long-run inflation rate. He shows that the statements made by the FOMC in 2003 clarified the lower bound of its LIO and that the average of long-run inflation expectations responded by rising about 80 basis points. Moreover, consistent with reducing the market's uncertainty about the FOMC's LIO, long-run inflation expectations became more stable. The FOMC has recently been more specific about the upper bound of its LIO as well. The FOMC could eliminate the remaining uncertainty by establishing an explicit, numerical inflation objective
- http://library.link/vocab/creatorName
-
- Thornton, Daniel L
- Inter-university Consortium for Political and Social Research [distributor]
- Label
- The Lower and Upper Bounds of the Federal Open Market Committee's Long-Run Inflation Objective
- Note
- 1344
- Control code
- ICPSR01344.v1
- Governing access note
- Access restricted to subscribing institutions
- Label
- The Lower and Upper Bounds of the Federal Open Market Committee's Long-Run Inflation Objective
- Note
- 1344
- Control code
- ICPSR01344.v1
- Governing access note
- Access restricted to subscribing institutions
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<div class="citation" vocab="http://schema.org/"><i class="fa fa-external-link-square fa-fw"></i> Data from <span resource="http://link.bowdoin.edu/portal/The-Lower-and-Upper-Bounds-of-the-Federal-Open/se5y_c24nrY/" typeof="Book http://bibfra.me/vocab/lite/Item"><span property="name http://bibfra.me/vocab/lite/label"><a href="http://link.bowdoin.edu/portal/The-Lower-and-Upper-Bounds-of-the-Federal-Open/se5y_c24nrY/">The Lower and Upper Bounds of the Federal Open Market Committee's Long-Run Inflation Objective</a></span> - <span property="potentialAction" typeOf="OrganizeAction"><span property="agent" typeof="LibrarySystem http://library.link/vocab/LibrarySystem" resource="http://link.bowdoin.edu/"><span property="name http://bibfra.me/vocab/lite/label"><a property="url" href="http://link.bowdoin.edu/">Bowdoin College Library</a></span></span></span></span></div>
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<div class="citation" vocab="http://schema.org/"><i class="fa fa-external-link-square fa-fw"></i> Data from <span resource="http://link.bowdoin.edu/portal/The-Lower-and-Upper-Bounds-of-the-Federal-Open/se5y_c24nrY/" typeof="Book http://bibfra.me/vocab/lite/Item"><span property="name http://bibfra.me/vocab/lite/label"><a href="http://link.bowdoin.edu/portal/The-Lower-and-Upper-Bounds-of-the-Federal-Open/se5y_c24nrY/">The Lower and Upper Bounds of the Federal Open Market Committee's Long-Run Inflation Objective</a></span> - <span property="potentialAction" typeOf="OrganizeAction"><span property="agent" typeof="LibrarySystem http://library.link/vocab/LibrarySystem" resource="http://link.bowdoin.edu/"><span property="name http://bibfra.me/vocab/lite/label"><a property="url" href="http://link.bowdoin.edu/">Bowdoin College Library</a></span></span></span></span></div>
