Scandinavian Working Papers in Economics

SSE/EFI Working Paper Series in Economics and Finance,
Stockholm School of Economics

No 0443: What if the Fed Had Been an Inflation Nutter?

Paul Söderlind ()
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Paul Söderlind: Dept. of Finance, Stockholm School of Economics, Postal: Stockholm School of Economics, P.O. Box 6501, S-113 83 Stockholm, Sweden

Abstract: A structural rational expectations model of U.S. monetary policy is used to make a counterfactual experiment of a strongly inflation averse Federal Reserve Bank. Results for U.S. interest rates, output, and inflation over 1965-1999 are discussed.

Keywords: Optimal monetary policy; rational expectations; Kalman filter

JEL-codes: E31; E43; E52

7 pages, April 19, 2001

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