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Interpreting the Macroeconomic Time Series Facts: The Effects of Monetary Policy

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Abstract

Existing theory and evidence on the effects of monetary policy are reviewed. Substantial room for disagreement among economists remains. New evidence, based on multivariate time series studies of several countries, is presented. While certain patterns in the data consistent with effective monetary policy are strikingly similar across countries, others, particularly the tendency of interest rate increases to predict high inflation, are harder to reconcile with effective monetary policy.

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File URL: http://cowles.econ.yale.edu/P/cd/d10a/d1011.pdf
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Bibliographic Info

Paper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 1011.

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Length: 29 pages
Date of creation: Mar 1992
Date of revision:
Publication status: Published in European Economic Review (1991), 36: 974-1011
Handle: RePEc:cwl:cwldpp:1011

Note: CFP 823.
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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

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Keywords: Interest rates; aggregate activity;

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  1. Christina D. Romer and David H. Romer., 1989. "Does Monetary Policy Matter? A New Test in the Spirit of Friedman and Schwartz," Economics Working Papers 89-107, University of California at Berkeley.
  2. Sims, Christopher A, 1972. "Money, Income, and Causality," American Economic Review, American Economic Association, vol. 62(4), pages 540-52, September.
  3. James Tobin, 1969. "Money and Income: Post Hoc Ergo Propter Hoc?," Cowles Foundation Discussion Papers 283, Cowles Foundation for Research in Economics, Yale University.
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  1. Nobel for Sargent and Sims
    by Alex Tabarrok in Marginal Revolution on 2011-10-10 11:48:26
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