{"id":"https://openalex.org/W4385618921","doi":"https://doi.org/10.3386/w31520","title":"US Monetary Policy and the Return to Price Stability","display_name":"US Monetary Policy and the Return to Price Stability","publication_year":2023,"publication_date":"2023-08-01","ids":{"openalex":"https://openalex.org/W4385618921","doi":"https://doi.org/10.3386/w31520"},"language":"en","primary_location":{"id":"doi:10.3386/w31520","doi":"https://doi.org/10.3386/w31520","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w31520","pdf_url":"https://doi.org/10.3386/w31520","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"volume":null,"type":"report","is_traditional":false,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.3386/w31520","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5039031678","display_name":"Richard H. Clarida","orcid":"https://orcid.org/0000-0003-4208-3732","observed_orcids":["https://orcid.org/0000-0003-4208-3732"]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I78577930","display_name":"Columbia University","ror":"https://ror.org/00hj8s172","country_code":"US","type":"education","lineage":["https://openalex.org/I78577930"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Richard H. Clarida","raw_affiliation_strings":["Columbia University - Graduate School of Arts and Sciences - Department of Eco","National Bureau of Economic Research (NBER)","Columbia University 420 West 118th Street Room 1209,","IAB New York, NY 10027","NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Columbia University - Graduate School of Arts and Sciences - Department of Eco","institution_ids":["https://openalex.org/I78577930"]},{"raw_affiliation_string":"National Bureau of Economic Research (NBER)","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"Columbia University 420 West 118th Street Room 1209,","institution_ids":["https://openalex.org/I78577930"]},{"raw_affiliation_string":"IAB New York, NY 10027","institution_ids":[]},{"raw_affiliation_string":"NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","institution_ids":["https://openalex.org/I1321305853"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5039031678"],"corresponding_institution_ids":["https://openalex.org/I1321305853","https://openalex.org/I78577930"],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":9,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11059","display_name":"Market Dynamics and Volatility","score":0.0,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.0,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/us-monetary-policy","display_name":"US monetary policy","score":0.7960000038146973},{"id":"https://openalex.org/keywords/federal-reserve","display_name":"Federal Reserve","score":0.8740000128746033},{"id":"https://openalex.org/keywords/inflation-targeting","display_name":"inflation targeting","score":0.47200000286102295},{"id":"https://openalex.org/keywords/monetary-policy-framework","display_name":"monetary policy framework","score":0.7559999823570251},{"id":"https://openalex.org/keywords/interest-rate-increase","display_name":"interest rate increases","score":0.5509999990463257},{"id":"https://openalex.org/keywords/policy-reaction-function","display_name":"policy reaction function","score":0.4429999887943268},{"id":"https://openalex.org/keywords/counterfactual-analysis","display_name":"counterfactual analysis","score":0.6600000262260437},{"id":"https://openalex.org/keywords/monetary-policy-report","display_name":"monetary policy report","score":0.45399999618530273}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6561598777770996},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.6215765476226807},{"id":"https://openalex.org/C188466206","wikidata":"https://www.wikidata.org/wiki/Q7242626","display_name":"Price of stability","level":3,"score":0.5572084188461304},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.533220648765564},{"id":"https://openalex.org/C112972136","wikidata":"https://www.wikidata.org/wiki/Q7595718","display_name":"Stability (learning theory)","level":2,"score":0.5309492945671082},{"id":"https://openalex.org/C165556158","wikidata":"https://www.wikidata.org/wiki/Q83937","display_name":"Keynesian economics","level":1,"score":0.4283795952796936},{"id":"https://openalex.org/C2992337254","wikidata":"https://www.wikidata.org/wiki/Q31275820","display_name":"Financial stability","level":2,"score":0.4110243022441864},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.35719016194343567},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.33249518275260925},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.2090032696723938},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.15262341499328613},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.3386/w31520","doi":"https://doi.org/10.3386/w31520","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w31520","pdf_url":"https://doi.org/10.3386/w31520","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},{"id":"doi:10.2139/ssrn.4533233","doi":"https://doi.org/10.2139/ssrn.4533233","is_oa":true,"landing_page_url":"http://dx.doi.org/10.2139/ssrn.4533233","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},{"id":"pmh:oai:RePEc:nbr:nberwo:31520","doi":null,"is_oa":false,"landing_page_url":"http://www.nber.org/papers/w31520.pdf","pdf_url":"http://www.nber.org/papers/w31520.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"}],"best_oa_location":{"id":"doi:10.3386/w31520","doi":"https://doi.org/10.3386/w31520","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w31520","pdf_url":"https://doi.org/10.3386/w31520","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4385618921.pdf","grobid_xml":"https://content.openalex.org/works/W4385618921.grobid-xml"},"referenced_works_count":10,"referenced_works":["https://openalex.org/W2121258850","https://openalex.org/W2951085163","https://openalex.org/W2965487962","https://openalex.org/W3015184758","https://openalex.org/W3168179569","https://openalex.org/W3200718188","https://openalex.org/W4220701156","https://openalex.org/W4225515484","https://openalex.org/W4307748728","https://openalex.org/W4308753162"],"related_works":["https://openalex.org/W4400020898","https://openalex.org/W4320017451","https://openalex.org/W4406766471","https://openalex.org/W4412102526","https://openalex.org/W4383956903","https://openalex.org/W7024998007","https://openalex.org/W4405353634","https://openalex.org/W7112308802","https://openalex.org/W7117370540","https://openalex.org/W4401648636"],"abstract_inverted_index":{"This":[0],"paper":[1],"assesses":[2],"the":[3,7,14,29,36,51],"proximate":[4],"causes":[5],"of":[6,23],"post":[8],"pandemic":[9],"surge":[10],"in":[11,26,41,45,68,88],"US":[12],"inflation,":[13],"Federal":[15],"Reserve's":[16],"real":[17],"time":[18],"reaction":[19],"to":[20,31,50,60,73],"and":[21,28,34,43],"interpretation":[22],"incoming":[24],"data":[25],"2021,":[27],"pivot":[30],"raising":[32],"rates":[33],"shrinking":[35],"balance":[37],"sheet":[38],"that":[39,55],"commenced":[40],"2022":[42],"continues":[44],"2023.Particular":[46],"attention":[47],"is":[48],"devoted":[49],"role,":[52],"if":[53],"any,":[54],"Fed's":[56],"August":[57],"2020":[58],"revisions":[59],"its":[61,89],"monetary":[62],"policy":[63,78,85],"framework":[64,82],"may":[65],"have":[66],"played":[67],"delaying":[69],"lift":[70],"-off":[71],"relative":[72],"counterfactuals":[74],"informed":[75],"by":[76],"simple":[77],"rules,":[79],"including":[80],"a":[81],"-consistent":[83],"\"shortfalls\"":[84],"rule":[86],"featured":[87],"semi":[90],"-annual":[91],"Monetary":[92],"Policy":[93],"Reports.":[94]},"counts_by_year":[{"year":2026,"cited_by_count":2},{"year":2025,"cited_by_count":3},{"year":2024,"cited_by_count":3},{"year":2023,"cited_by_count":1}],"updated_date":"2026-11-07T11:25:07.637180","created_date":"2023-08-08T00:00:00"}