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Money and Interest Rate Shocks: Some International Evidence

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Author Info

  • Monadjemi, M.S.
  • Huh, H.-S.

Abstract

The effects of monetary policy are transmitted to the economy through changes in money and/or changes in interest rates. Most of the recent studies based on VAR indicate the existence of "monetary puzzles" in their empirical results. A puzzle exists when the effects of monetary policy on macroeconomic variables are inconsistent with the prediction of economic theory. It is generally believed that puzzles are due to poorly identified monetary policy shocks. This study, in the context of data on Australia, Canada and the United States, attempts to compare the effects of monetary policy shocks with and without a properly identified policy shock.

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Bibliographic Info

Paper provided by New South Wales - School of Economics in its series Papers with number 99/10.

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Length: 13 pages
Date of creation: 1999
Date of revision:
Handle: RePEc:fth:nesowa:99/10

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Postal: THE UNIVERSITY OF NEW SOUTH WALES, SCHOOL OF ECONOMICS, P.O.B. 1 KENSINGTON, NEW SOUTH WALES 2033 AUSTRALIA.
Phone: (+61)-2-9385-3380
Fax: +61)-2- 9313- 6337
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Web page: http://www.economics.unsw.edu.au/
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Keywords: MONEY ; INTEREST RATE ; BUSINESS CYCLES ; MONETARY POLICY;

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