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metadata language: English

New Economy--New Policy Rules?

Version
v1
Resource Type
Dataset : survey data
Creator
  • Bullard, James B. (Federal Reserve Bank of St. Louis)
  • Schaling, Eric (Federal Reserve Bank of St. Louis)
Other Title
  • Version 1 (Subtitle)
Publication Date
2001-10-31
Language
English
Free Keywords
economic growth; inflation; monetary policy; national economy; productivity
Description
  • Abstract

    The United States economy appears to have experienced a pronounced shift toward higher productivity over the last five years or so. To understand the implications of such shifts for the structure of optimal monetary policy rules in simple dynamic economies, the authors begin with a standard economy in which a version of the Taylor rule constitutes the optimal monetary policy for a given inflation target and a given level of productivity. They augment this model with regime switching in productivity and calculate the optimal monetary policy rule in the altered environment. The authors find that, in the altered environment, a rule that incorporates leading indicators about regimes significantly outperforms the Taylor rule. They use this result to comment on the "new economy" events of the 1990s and the "stagflation" events of the 1970s from the perspective of their model.
  • Table of Contents

    Datasets:

    • DS1: Dataset
Geographic Coverage
  • United States
Collection Mode
  • The file submitted is 0109jb.zip, containing data and programs. 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 investigator(s) if further information is desired.

Availability
Download
This study is freely available to the general public via web download.
Alternative Identifiers
  • 1244 (Type: ICPSR Study Number)
Publications
  • Bullard, James B., Schaling, Eric. New economy--new policy rules?. Federal Reserve Bank of St. Louis Review.83, (5), 57-65.2001.

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

Bullard, James B.; Schaling, Eric (2001): New Economy--New Policy Rules?. Version 1. Version: v1. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/ICPSR01244.v1