Interpreting the macroeconomic time series facts : The effects of monetary policy
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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- Romer, Christina D. & Romer, David H., 1989.
"Does Monetary Policy Matter? A New Test in the Spirit of Friedman and Schwartz,"
Department of Economics, Working Paper Series
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- Christina D. Romer & David H. Romer, 1989. "Does Monetary Policy Matter? A New Test in the Spirit of Friedman and Schwartz," NBER Working Papers 2966, National Bureau of Economic Research, Inc.
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