The effects of monetary policy shocks: evidence from the Flow of Funds
AbstractThis 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.
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Bibliographic InfoPaper provided by Federal Reserve Bank of Chicago in its series Working Paper Series, Macroeconomic Issues with number 94-2.
Date of creation: 1994
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Other versions of this item:
- Lawrence J. Christiano & Martin Eichenbaum & Charles Evans, 1994. "The effects of monetary policy shocks: evidence from the flow of funds," Proceedings, Federal Reserve Bank of Dallas, issue Apr.
- Christiano, Lawrence J & Eichenbaum, Martin & Evans, Charles, 1996. "The Effects of Monetary Policy Shocks: Evidence from the Flow of Funds," The Review of Economics and Statistics, MIT Press, vol. 78(1), pages 16-34, February.
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