My da|ra Login

Detailed view

metadata language: English

The Lower and Upper Bounds of the Federal Open Market Committee's Long-Run Inflation Objective

Version
v0
Resource Type
Dataset : survey data
Creator
  • Thornton, Daniel L. (Federal Reserve Bank of St. Louis)
Other Title
  • Archival Version (Subtitle)
Publication Date
2007-05-16
Funding Reference
  • Federal Reserve Bank of St. Louis. Research Division
Language
English
Free Keywords
inflation rates; price fluctuations; price trends
Description
  • Abstract

    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.
  • Table of Contents

    Datasets:

    • DS1: Dataset
Collection Mode
  • (1) One Excel file is both a data and program file. (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.

Availability
Delivery
This version of the study is no longer available on the web. If you need to acquire this version of the data, you have to contact ICPSR User Support (help@icpsr.umich.edu).
Alternative Identifiers
  • 1344 (Type: ICPSR Study Number)
Relations
  • Is previous version of
    DOI: 10.3886/ICPSR01344.v1
Publications
  • Thornton, Daniel L.. The lower and upper bounds of the federal open market committee's long-run inflation objective. Federal Reserve Bank of St. Louis Review.89, (3), 183-194.2007.

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

Thornton, Daniel L. (2007): The Lower and Upper Bounds of the Federal Open Market Committee's Long-Run Inflation Objective. Archival Version. Version: v0. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/ICPSR01344