Money and Interest Rate Shocks: Some International Evidence
The effects of monetary policy are transmitted to the economy through changes in money and/or changes in interest rates. Most of the recent studies based on VAR indicate the existence of "monetary puzzles" in their empirical results. A puzzle exists when the effects of monetary policy on macroeconomic variables are inconsistent with the prediction of economic theory. It is generally believed that puzzles are due to poorly identified monetary policy shocks. This study, in the context of data on Australia, Canada and the United States, attempts to compare the effects of monetary policy shocks with and without a properly identified policy shock.
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