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The Effects of Monetary Policy Shocks: Evidence from the Flow of Funds
Abstract
This paper assesses the impact of a monetary policy shock on the U.S. economy. The authors' measures of contractionary monetary policy shocks are associated with a fall in various monetary aggregates and a rise in the federal funds rate, declines in different measures of real activity, and sharp declines in commodity prices and a delayed decline in the GDP price deflator. In addition, net funds raised by the business sector increases for roughly a year, after which it falls. Finally, the authors find that households do not adjust their financial assets and liabilities for several quarters after a monetary shock. Copyright 1996 by MIT Press.
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Citations
Cited by
The Science of Monetary Policy: A New Keynesian Perspective
Clarida, R., Galí, J., & Gertler, M. (1999) · Journal of Economic Literature · doi:10.1257/jel.37.4.1661 · Cited by 4,916
Inside the black box: the credit channel of monetary policy transmission
Bernanke, B. S., & Gertler, M. (1995) · Journal of Economic Perspectives · doi:10.1257/jep.9.4.27 · Cited by 4,211
The financial accelerator, and the flight to quality
Bernanke, B., Gertler, M., & Gilchrist, S. (1996) · The Review of Economics and Statistics · doi:10.2307/2109844 · Cited by 2,351
What are the effects of monetary policy on output? Results from an agnostic identification procedure
Uhlig, H. (2005) · Journal of Monetary Economics · doi:10.1016/j.jmoneco.2004.05.007 · Cited by 2,307
Monetary Policy Surprises, Credit Costs, and Economic Activity
Gertler, M., & Karadi, P. (2015) · American Economic Journal: Macroeconomics · doi:10.1257/mac.20130329 · Cited by 1,455
Metadata
- Authors
- Christiano, L. J., Eichenbaum, M., & Evans, C.
- Venue
- The Review of Economics and Statistics
- Publisher
- JSTOR
- Published
- 1996-02
- Volume
- 78
- Issue
- 1
- Pages
- 16
- ISSN
- 0034-6535 (ISSN-L)
- OpenAlex
- W2891825989
- Cited by
- 1,208
- References
- 0
- FWCI
- 102.64
- Type
- journal article
- Language
- en
- Open access
- closed
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- Christiano, L. J., Eichenbaum, M., & Evans, C. (1996). The Effects of Monetary Policy Shocks: Evidence from the Flow of Funds. The Review of Economics and Statistics. https://doi.org/10.2307/2109845
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
