Journalartikel

Jahr der Veröffentlichung: 2010

Seiten: 1008-1013

Zeitschrift: Journal of Macroeconomics

Bandnummer: 32

Heftnummer: 4

Open Access Status: Green

DOI Link: https://doi.org/10.1016/j.jmacro.2010.08.002

Verlag: Elsevier

Abstract: 

This paper uncovers the Phillips curve trade-off perceived by US monetary policymakers. For that purpose we use data on individual forecasts for unemployment and inflation submitted by each individual FOMC member, which was recently made available for the period 1992-1998. The results point to significant changes in the perceived trade-off over time with the Phillips curve flattening and the implied NAIRU falling towards the second half of the sample. Hence, the results suggest that policymakers were aware of these changes in real-time.

Harvard-Zitierstil: Tillmann, P. (2010) The Fed’s perceived Phillips curve: Evidence from individual FOMC forecasts, Journal of Macroeconomics, 32(4), pp. 1008-1013. https://doi.org/10.1016/j.jmacro.2010.08.002

APA-Zitierstil: Tillmann, P. (2010). The Fed’s perceived Phillips curve: Evidence from individual FOMC forecasts. Journal of Macroeconomics. 32(4), 1008-1013. https://doi.org/10.1016/j.jmacro.2010.08.002