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.
|Date of creation:||Mar 1992|
|Date of revision:|
|Publication status:||Published in European Economic Review (1991), 36: 974-1011|
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NBER Working Papers
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Cowles Foundation Discussion Papers
283, Cowles Foundation for Research in Economics, Yale University.
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