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How Well Does The IS-LM Model Fit Postwar U. S. Data?
Abstract
Postwar U. S. time series for money, interest rates, prices, and GNP are characterized by a multivariate process driven by four exogenous disturbances. Those disturbances are identified so that they can be interpreted as the four main sources of fluctuations found in the IS-LM-Phillips curve model: money supply, money demand, IS, and aggregate supply shocks. The dynamic properties of the estimated model are analyzed and shown to match most of the stylized predictions of the model. The estimated decomposition is also used to measure the relative importance of each shock, to interpret some macroeconomic episodes, and to study sources of permanent shocks to nominal variables.
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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
Estimation and Inference of Impulse Responses by Local Projections
Jordà, Ò. (2005) · American Economic Review · doi:10.1257/0002828053828518 · Cited by 4,677
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
What are the effects of fiscal policy shocks?
Mountford, A., & Uhlig, H. (2009) · Journal of Applied Econometrics · doi:10.1002/jae.1079 · Cited by 1,349
Sign Restrictions in Structural Vector Autoregressions: A Critical Review
Fry, R., & Pagan, A. (2011) · Journal of Economic Literature · doi:10.1257/jel.49.4.938 · Cited by 688
Metadata
- Authors
- Gali, J.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 1992-05-01
- Volume
- 107
- Issue
- 2
- Pages
- 709-738
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W2024892824
- Cited by
- 652
- References
- 0
- FWCI
- 23.74
- Type
- journal article
- Language
- en
- Open access
- closed
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