A New Measure of Monetary Accommodation.

This article, titled "A New Measure of Monetary Accommodation," discusses the development of a quantitative measure of central bank monetary accommodation. The authors argue that monetary accommodation is increasingly linked to financial stability and propose a Central Bank Accommodation Index that combines the growth rates of the money supply and GDP, as well as the difference between inflation and the Fed Funds rate. The index is used to analyze historical trends and the impact of the COVID-19 pandemic on monetary policy. The authors also raise questions about the future trajectory of the index and its predictive power. [Extracted from the article]