A FEDERAL FUNDS RATE EQUATION
发现1980年代美国利率政策可由反应函数描述：当实际GDP高于潜在、通胀加速或长期债券利率上升时，联邦基金利率上升；货币增长也影响政策，但近年美联储已淡化其领先指标作用。
This paper presents evidence that indicates that U.S. interest rate policy during most of the 1980s can be described by a reaction function in which the federal funds rate rises if real GDP rises above potential GDE if actual inflation accelerates, or if the long‐term bond rate rises. Money growth when included in the reaction function is significant, indicating that money also influenced policy. The results presented here however indicate that in recent years the Fed has discounted the leading indicator properties of money.