政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/6519
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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/6519


    Title: Does the Federal Reserve Lexicographically Order Its Policy Objectives?
    Authors: 沈中華
    David R. Hakes;Edward N. Gamber;Shen, Chung-Hua
    Keywords: Federal Reserve;lexicographic order;Threshold Effect
    Date: 1995-07
    Issue Date: 2008-11-06 10:13:32 (UTC+8)
    Abstract: We test a Federal Reserve reaction function for threshold effects among the Fed`s policy objectives. We find evidence that the Fed responds with greater intensity to a policy objective when that policy objective moves beyond acceptable bounds. We also find that the Fed only responds to lesser objectives when its primary, or threshold, objective is within acceptable bounds--a behavior which can be described as lexicographic ordering. Finally, our results suggest that Fed policy is becoming increasingly responsive to inflation and less responsive to unemployment.
    Relation: Eastern Economic journal, 24(2), 195-206
    Data Type: article
    Appears in Collections:[Department of Money and Banking] Periodical Articles

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