Interest Rates, Inflation, and Federal Reserve Policy Since 1980
用动态随机粘性价格模型评估美联储1980年以来的政策，发现其通过管理短期利率控制通胀，能隔离需求冲击对产出的影响，并帮助经济在技术冲击下像无名义刚性时一样调整。
This paper characterizes Federal Reserve policy since 1980 as one that actively manages short-term nominal interest rates in order to control inflation and evaluates this policy using a dynamic, stochastic, sticky-price model of the United States economy.The results show that the Fed's policy insulates aggregate output from the effects of exogenous demand-side disturbances and, by calling for a modest but persistent reduction in short-term interest rates following a positive technology shock, helps the economy to respond to supply-side disturbances as it would in the absence of nominal rigidities.