Implementation of Monetary Policy: How Do Central Banks Set Interest Rates?

Benjamin M. Friedman, Kenneth N. Kuttner

NBER Working Paper No. 16165
Issued in July 2010

---- Acknowledgements -----

We are grateful to Ulrich Bindseil, Francesco Papadia, and Huw Pill for thoroughgoing and very helpful comments on earlier drafts; to Spence Hilton, Warren Hrung, Darren Rose and Shigenori Shiratsuka for their help in obtaining the data used in the original empirical work developed here; to Toshiki Jinushi and Yosuke Takeda for their insights on the Japanese experience; and to numerous colleagues for helpful discussions of these issues. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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