Monetary policy shocks: What have we learned and to what end?
Lawrence Christiano (),
Martin Eichenbaum () and
Charles Evans ()
Chapter 02 in Handbook of Macroeconomics, 1999, vol. 1, Part A, pp 65-148 from Elsevier
This chapter reviews recent research that grapples with the question: What happens after an exogenous shock to monetary policy? We argue that this question is interesting because it lies at the center of a particular approach to assessing the empirical plausibility of structural economic models that can be used to think about systematic changes in monetary policy institutions and rules.The literature has not yet converged on a particular set of assumptions for identifying the effects of an exogenous shock to monetary policy. Nevertheless, there is considerable agreement about the qualitative effects of a monetary policy shock in the sense that inference is robust across a large subset of the identification schemes that have been considered in the literature. We document the nature of this agreement as it pertains to key economic aggregates.
JEL-codes: E0 (search for similar items in EconPapers)
References: Add references at CitEc
Citations View citations in EconPapers (673) Track citations by RSS feed
Downloads: (external link)
http://www.sciencedirect.com/science/article/B7P5X ... 53b3d2ee910002bb1c58
Full text for ScienceDirect subscribers only
Working Paper: Monetary Policy Shocks: What Have We Learned and to What End? (1998)
Working Paper: Monetary policy shocks: what have we learned and to what end? (1997)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: http://EconPapers.repec.org/RePEc:eee:macchp:1-02
Access Statistics for this chapter
More chapters in Handbook of Macroeconomics from Elsevier
Series data maintained by Zhang, Lei ().