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Interpreting the macroeconomic time series facts : The effects of monetary policy

  • Sims, Christopher A.

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://www.sciencedirect.com/science/article/B6V64-45CX04G-3F/2/6a2b07cd5137cbd7dadaf4a09bc87709
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Article provided by Elsevier in its journal European Economic Review.

Volume (Year): 36 (1992)
Issue (Month): 5 (June)
Pages: 975-1000

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Handle: RePEc:eee:eecrev:v:36:y:1992:i:5:p:975-1000
Contact details of provider: Web page: http://www.elsevier.com/locate/eer

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  1. Sims, Christopher A, 1972. "Money, Income, and Causality," American Economic Review, American Economic Association, vol. 62(4), pages 540-52, September.
  2. 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.
  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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