Nominal Facts and the October 1979 Policy Change

Resource Type
Dataset : survey data
  • Gavin, William T. (Federal Reserve Bank of St. Louis)
  • Kydland, Finn E. (Federal Reserve Bank of St. Louis)
Other Title
  • Archival Version (Subtitle)
Publication Date
Free Keywords
business cycles; Federal Reserve System; inflation; monetary policy
  • Abstract

    Researchers depend on observed regularities in macroeconomic data to guide the development of theory. One problem in developing monetary models of the business cycle is that there seems to be a great deal of instability in nominal data. Using data from 1959:Q1 to 1998:Q4, the authors document changes in the cyclical behavior of nominal data series that appear after 1979:Q3, when the Federal Reserve implemented a policy to end the acceleration of inflation. Such changes in cyclical behavior were not apparent in real variables. The authors conclude that in order to find regularities in nominal datasets, it may be necessary to examine and compare episodes with similar monetary policy regimes.
  • Table of Contents


    • DS1: Dataset
Geographic Coverage
  • United States
Collection Mode
  • (1) The files submitted are 0011wgd.xls, the data file, and 0011wgp.prg, the programs. (2) These data are part of ICPSR's Publication-Related Archive and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigators if further information is desired.

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Alternative Identifiers
  • 1233 (Type: ICPSR Study Number)
  • Is previous version of
    DOI: 10.3886/ICPSR01233.v1
  • Gavin, William T., Kydland, Finn E.. The nominal facts and the October 1979 policy change. Federal Reserve Bank of St. Louis Review.82, (6), 39-62.2000.

Update Metadata: 2015-08-05 | Issue Number: 6 | Registration Date: 2015-06-15