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Federal Reserve Policy and the Recession of 1937-38: A Note

โœ Scribed by Philip W. Bell

Book ID
125752166
Publisher
MIT Press
Year
1951
Tongue
English
Weight
116 KB
Volume
33
Category
Article
ISSN
0034-6535

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## Abstract In this paper we model and explain US macroeconomic outcomes subject to the discipline that monetary policy is set optimally. Exploiting the restrictions that come from optimal policymaking, we estimate the parameters in the Federal Reserve's policy objective function together with the