Structural changes in the US economy: is there a role for monetary policy?

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Journal of Economic Dynamics and Control, 33(2), 2009, 477-490
http://hdl.handle.net/10230/309
To cite or link this document: http://hdl.handle.net/10230/309
dc.contributor.author Canova, Fabio
dc.contributor.author Gambetti, Luca
dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
dc.date.issued 2003-05-01
dc.identifier.citation Journal of Economic Dynamics and Control, 33(2), 2009, 477-490
dc.identifier.uri http://hdl.handle.net/10230/309
dc.description.abstract This paper investigates the contribution of monetary policy to the changes in output growth and inflation dynamics in the US. We identify a policy shock and a policy rule in a time-varying coefficients VAR using robust sign restrictions. The transmission of policy shocks has been relatively stable. The variance of the policy shock has decreased over time, but policy shocks account for a small fraction of the level and of the variations in inflation and output growth volatility and persistence. We find little evidence of a significant increase in the long run response of the interest rate to inflation. A more aggressive inflation policy in the 1970s would have produced large output growth costs.
dc.language.iso eng
dc.relation.ispartofseries Economics and Business Working Papers Series; 918
dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.title Structural changes in the US economy: is there a role for monetary policy?
dc.type info:eu-repo/semantics/workingPaper
dc.date.modified 2014-06-03T07:14:16Z
dc.subject.keyword Macroeconomics and International Economics
dc.subject.keyword monetary policy
dc.subject.keyword inflation persistence
dc.subject.keyword transmission of shocks
dc.subject.keyword time varying coefficients structural vars
dc.rights.accessRights info:eu-repo/semantics/openAccess


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