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The effects of monetary policy shocks: evidence from the flow of funds

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  • Lawrence J. Christiano
  • Martin S. Eichenbaum
  • Charles L. Evans

Abstract

This paper assesses the impact of a monetary policy shock on the U.S. economy. The authors' measures of contractionary monetary policy shocks are associated with a fall in various monetary aggregates and a rise in the federal funds rate, declines in different measures of real activity, and sharp declines in commodity prices and a delayed decline in the GDP price deflator. In addition, net funds raised by the business sector increases for roughly a year, after which it falls. Finally, the authors find that households do not adjust their financial assets and liabilities for several quarters after a monetary shock. Copyright 1996 by MIT Press.
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Lawrence J. Christiano & Martin S. Eichenbaum & Charles L. Evans, 1994. "The effects of monetary policy shocks: evidence from the flow of funds," Proceedings, Federal Reserve Bank of Dallas, issue Apr.
  • Handle: RePEc:fip:feddpr:y:1994:i:apr:n:5
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    Keywords

    Flow of funds; Monetary policy;

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