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Reading the recent monetary history of the U.S., 1959-2007

  • Jesus Fernández-Villaverde
  • Pablo Guerrón-Quintana
  • Juan F. Rubio-Ramírez.

The authors report the results of the estimation of a rich dynamic stochastic general equilibrium model of the U.S. economy with both stochastic volatility and parameter drifting in the Taylor rule. They use the results of this estimation to examine the recent monetary history of the U.S. and to interpret, through this lens, the sources of the rise and fall of the great American inflation from the late 1960s to the early 1980s and of the great moderation of business cycle fluctuations between 1984 and 2007.

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Paper provided by Federal Reserve Bank of Philadelphia in its series Working Papers with number 10-15.

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Date of creation: 2010
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Handle: RePEc:fip:fedpwp:10-15
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  1. Kiyotaki, Nobuhiro & Wright, Randall, 1991. "A contribution to the pure theory of money," Journal of Economic Theory, Elsevier, vol. 53(2), pages 215-235, April.
  2. anonymous, 1989. "Money stock data revised," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Jul, pages 508-512.
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  9. Alejandro Justiniano & Giorgio E. Primiceri, 2006. "The Time Varying Volatility of Macroeconomic Fluctuations," NBER Working Papers 12022, National Bureau of Economic Research, Inc.
  10. Jesús Fernández-Villaverde & Juan F. Rubio-Ramírez, 2008. "How Structural Are Structural Parameters?," NBER Chapters, in: NBER Macroeconomics Annual 2007, Volume 22, pages 83-137 National Bureau of Economic Research, Inc.
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  26. repec:ucp:bkecon:9780226520018 is not listed on IDEAS
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