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Whose bank is it anyway? The importance of unemployment and the stock market for monetary policy

Author

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  • Christian E. Weller

    (Economic Policy Institute, 1660 L Street NW Suite 1200, 20036 Washington, DC, USA; Tel.: +1-202-331-5525 cweller@epinet.org)

Abstract

Prior research suggests that the Fed has consistently targeted unemployment rates, and, during the 1990s, stock prices. This paper uses a vector autoregression to test the importance of unemployment and the stock market in determining monetary policy, and to study the impact of monetary policy on unemployment and the stock market. The results show a shift in both the determinants and the impact of monetary policy in the 1990s from unemployment to the stock market.

Suggested Citation

  • Christian E. Weller, 2002. "Whose bank is it anyway? The importance of unemployment and the stock market for monetary policy," Review of Radical Political Economics, Union for Radical Political Economics, vol. 34(3), pages 303-310, September.
    • Handle: RePEc:sae:reorpe:v:34:y:2002:i:3:p:303-310
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