The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.
Has Monetary Policy Become More Effective?
Abstract
We investigate the implications of changes in the structure of the U.S. economy for monetary policy effectiveness. Estimating a vector autoregression over the pre- and post-1980 periods, we provide evidence of a reduced effect of monetary policy shocks in the latter period. We estimate a structural model that replicates well the economy's response in both periods, and perform counterfactual experiments to determine the source of the change in the monetary transmission mechanism and in the economy's volatility. We find that by responding more strongly to inflation expectations, monetary policy has stabilized the economy more effectively in the post-1980 period.
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Cites
Discretion versus policy rules in practice
Taylor, J. B. (1993) · Carnegie-Rochester Conference Series on Public Policy · doi:10.1016/0167-2231(93)90009-l · Cited by 9,065
Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy
Christiano, L. J., Eichenbaum, M., & Evans, C. L. (2005) · Journal of Political Economy · doi:10.1086/426038 · Cited by 6,238
Tests for parameter instability and structural change with unknown change point.
Andrews, D. W. K. (1993) · Econometrica · doi:10.2307/2951764 · Cited by 4,334
Cited by
Habit Persistence, Asset Returns, and the Business Cycle
Boldrin, M., Christiano, L. J., & Fisher, J. D. M. (2001) · American Economic Review · doi:10.1257/aer.91.1.149 · Cited by 1,048
Macrofinancial History and the New Business Cycle Facts
Jordà, Ò., Schularick, M., & Taylor, A. M. (2017) · NBER Macroeconomics Annual · doi:10.1086/690241 · Cited by 486
Blanchard, O. J., & Riggi, M. (2013) · Journal of the European Economic Association · doi:10.1111/jeea.12029 · Cited by 363
Metadata
- Authors
- Boivin, J., & Giannoni, M. P.
- Venue
- Review of Economics and Statistics
- Publisher
- MIT Press - Journals
- Published
- 2006-08
- Volume
- 88
- Issue
- 3
- Pages
- 445-462
- ISSN
- 0034-6535 (ISSN-L)
- 1530-9142
- OpenAlex
- W3095700530
- Cited by
- 769
- References
- 3
- FWCI
- 111.84
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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