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Changes in monetary policy effectiveness: evidence from large macroeconomic models


  • Patricia C. Mosser


This article evaluates changes in the aggregate effectiveness of monetary policy and changes in monetary policy transmission mechanisms by examining how traditional large-scale macroeconometric models have evolved in the last ten to fifteen years. The article analyzes shifts in model structure and sheds some light on the changing relationship between policy and the real economy by reporting simulations that use different historical versions of the models.

Suggested Citation

  • Patricia C. Mosser, 1992. "Changes in monetary policy effectiveness: evidence from large macroeconomic models," Quarterly Review, Federal Reserve Bank of New York, issue Spr, pages 36-51.
  • Handle: RePEc:fip:fednqr:y:1992:i:spr:p:36-51:n:v.17no.1

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    References listed on IDEAS

    1. Roger S. Smith, 1990. "Factors Affecting Saving, Policy Tools, and Tax Reform: A Review," IMF Staff Papers, Palgrave Macmillan, vol. 37(1), pages 1-70, March.
    2. Steven F. Venti & David A. Wise, 1990. "Have IRAs Increased U. S. Saving?: Evidence from Consumer Expenditure Surveys," The Quarterly Journal of Economics, Oxford University Press, vol. 105(3), pages 661-698.
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    Cited by:

    1. Yuong Ha, 2000. "Uncertainty about the length of the monetary policy transmission lag: implications for monetary policy," Reserve Bank of New Zealand Discussion Paper Series DP2000/01, Reserve Bank of New Zealand.


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