Sanchita Mukherjee

Working Papers

• Working Paper

  Even Keel and the Great Inflation

  Victoria Consolvo Owen F. Humpage Sanchita Mukherjee
  10.23.2020 | WP 20-33
  During the early part of the Great Inflation (1965-1975), the Federal Reserve undertook even-keel operations to assist the US Treasury’s coupon security sales. Accordingly, the central bank delayed any tightening of monetary policy and permanently injected reserves into the banking system. Using real-time Taylor-type and McCallum-like reaction functions, we show that the Fed routinely undertook these operations only when it was otherwise tightening monetary policy. Using a quantity-equation framework, we show that the Federal Reserve’s even-keel actions added approximately one percentage point to the overall 5.1 percent average annual inflation rate over these years.
  
  Topics: Monetary policy
  
• Working Paper

  Even Keel and the Great Inflation

  Owen F. Humpage Sanchita Mukherjee
  12.18.2015 | WP 15-32
  This working paper has been removed at the request of the authors. A new version is WP 20-33.
• Working Paper

  Even Keel and the Great Inflation

  Owen F. Humpage Sanchita Mukherjee
  10.31.2013 | WP 13-15
  This working paper has been removed at the request of the authors. A new version is WP 20-33.
• Working Paper

  The Effects of Capital Market Openness on Exchange Rate Pass-through and Welfare

  Sanchita Mukherjee
  10.21.2010 | WP 10-18
  This paper analyzes the impact of capital market openness on exchange rate pass-through and subsequently on the social loss function in an inflation-targeting small open economy under a pure commitment policy.