TY  - BOOK
AU  - Mankiw,N.Gregory
AU  - Miron,Jeffrey A.
ED  - National Bureau of Economic Research.
TI  - Should The Fed Smooth Interest Rates?  The Case of Seasonal Monetary Policy
T2  - NBER working paper series
PY  - 1990///
CY  - Cambridge, Mass.
PB  - National Bureau of Economic Research
N1  - June 1990; Hardcopy version available to institutional subscribers
N2  - This paper examines the choice of monetary policy in response to seasonal fluctuations in the economy. It discusses the costs and benefits of smoothing interest rates over the seasons, which has been the Fed's policy since its founding in 1914, and presents simulations suggesting how the economy would behave under the alternative policy of stabilizing the money stock. Finally, it presents evidence that the smoothing of interest rates in 1914 changed the seasonal business cycle.
UR  - https://www.nber.org/papers/w3388
UR  - http://dx.doi.org/10.3386/w3388
ER  -