COMPARISON OF THE FED'S MONETARY TIGHTENING CYCLES: 1994–1995, 2004–2006 AND 2022–2023

Abstract

Relevance. Changes in the policy rate of the Federal Reserve System (Fed) are an important signal for global financial markets and national economies. Rate changes affect the real economy through credit and other channels [B. Bernanke, A. Blinder 1992]. The sharp rise in the rate over a short period since 2022 has strengthened the need to study the speed and depth of policy cycles.