Has Monetary Policy Become More Effective?

Topics:
Organization
Tags:
Channel Management,
Columbia University,
Currency & Foreign Exchange,
Finance,
Marketing,
Period,
Policy,
Retail
Source:
Columbia University

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Overview: Research has provided the evidence of important changes in the U.S. economic environment over the last few years. This appears to be associated with an alteration of the monetary transmission mechanism. This paper investigates the implications for the evolution of monetary policy effectiveness. Using an identified VAR (Vector AutoRegression) over the pre- and post-1980 period's evidence of a reduction in the effect of monetary policy shocks in the latter period is provided. Then it presents and estimates a fully specified model that replicates well the dynamic response of output, inflation, and the federal funds rate to monetary policy shocks in both periods.

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Format: PDF | Size: 525KB | Date: Jan 2003 | Pages: 55

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