Variability in the Effects of Monetary Policy on Economic Activity
AbstractThis paper documents and interprets the variability in the effects of monetary policy on economic activity using the method of rolling vector autoregression and United States data from 1959:01 to 1994:12. While I find robust support for short-run price stickiness and long-run output neutrality, I also find that the responses of output and price levels to monetary shocks are otherwise quite variable. Seven episodes of differing responses are identified. The effects of monetary policy are found to be stronger when monetary shocks are negative, and are related to some gradual changes in the economy.
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Bibliographic InfoArticle provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.
Volume (Year): 32 (2000)
Issue (Month): 2 (May)
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