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Testing for Real Effects of Monetary Policy Regime Shifts

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  • Carl E. Walsh

Abstract

Huizinga and Mishkin (1986) have recently proposed a simple method for testing whether monetary policy regime changes have affected the ex-ante real rate of interest. This paper shows that care must be taken in choosing the set of variables on which to project the ex-post real rate if inferences about the ex-ante real rate are to be drawn. It is shown that Huizinga. and Mishkin's tests cannot distinguish between shifts in the real rate process and shifts in the inflation process.

Suggested Citation

  • Carl E. Walsh, 1987. "Testing for Real Effects of Monetary Policy Regime Shifts," NBER Working Papers 2116, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:2116
    Note: ME
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    Cited by:

    1. Chan Guk Huh & Kevin J. Lansing, 1998. "Federal Reserve credibility and inflation scares," Economic Review, Federal Reserve Bank of San Francisco, pages 3-16.
    2. Carl E. Walsh, 1987. "The Impact of Monetary Targeting in the United States: 1976-1984," NBER Working Papers 2384, National Bureau of Economic Research, Inc.

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