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The effects of monetary policy shocks: evidence from the Flow of Funds

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  • Lawrence J. Christiano
  • Martin Eichenbaum
  • Charles 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.

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Bibliographic Info

Paper provided by Federal Reserve Bank of Chicago in its series Working Paper Series, Macroeconomic Issues with number 94-2.

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Date of creation: 1994
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Handle: RePEc:fip:fedhma:94-2

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Keywords: Monetary policy ; Business cycles ; Flow of funds;

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