| 000 -LEADER |
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| fixed length control field |
01279nam a22001457a 4500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
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| fixed length control field |
230504b ||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME |
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| Personal name |
Blinder, Alan S. |
| 245 ## - TITLE STATEMENT |
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| Title |
Landings, soft and hard: The federal reserve, 1965–2022 |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) |
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| Place of publication, distribution, etc |
The Journal of Economic Perspectives |
| 300 ## - PHYSICAL DESCRIPTION |
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| Extent |
37(1), Winter, 2023: p.101-120 |
| 520 ## - SUMMARY, ETC. |
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| Summary, etc |
"Soft landings," that is, cases in which the central bank tightens monetary policy to fight inflation but does not cause a recession (which would be a "hard landing"), are thought to be difficult to achieve and extremely rare. According to the conventional wisdom, the Federal Reserve has managed to achieve only one soft landing in the past 60 years—in 1994–1995. This paper studies the eleven episodes of monetary policy tightening by the Fed since 1965, and concludes that the central bank has a better record than that—that as long as the criteria for softness are not too stringent, and Fed was actually trying to land the economy softly, the Fed has succeeded several times. Achieving a soft landing, however, requires both skill in managing monetary policy and the absence of adverse external shocks. – Reproduced |
| 773 ## - HOST ITEM ENTRY |
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| Main entry heading |
The Journal of Economic Perspectives |
| 906 ## - LOCAL DATA ELEMENT F, LDF (RLIN) |
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| Subject DIP |
MONETARY POLICY |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) |
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| Item type |
Articles |
