The Cyclical Effects Of Monetary Policy Regimes
A 1979 change in U.S. monetary policy coincided with a break in the cyclical behavior of monetary aggregates, while the cyclical behavior of all other real and nominal variables remained relatively constant. A model is developed to assess the quantitative importance of a change in monetary policy in accounting for these observations. The monetary authority's reaction function is estimated conditionally on the theoretical model and accounts for upward of 72-95% of all observed changes, including inside money preceding the business cycle and a qualitative change in the cyclical behavior of the monetary base. Copyright 2007 by the Economics Department Of The University Of Pennsylvania And Osaka University Institute Of Social And Economic Research Association.
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Volume (Year): 48 (2007)
Issue (Month): 2 (05)
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