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Exits from Recessions: The U.S. Experience 1920-2007
[report]
2010
unpublished
In this paper we provide some evidence on the issue of when a central bank should shift from expansionary to contractionary monetary policy after a recession has ended-the exit strategy. We examine the relationship between the timing of changes in several instruments of monetary policy and the timing of changes of selected real macro aggregates and price level (inflation) variables across U.S. business cycles from 1920-2007. We find, based on historical narratives, descriptive evidence and
doi:10.3386/w15731
fatcat:bmeoauebangdtgm6siyvcv375m