The Long-Run Effect of Permanent Disinflations

Javier Andrés (), Ignacio Hernando and López-Salido, David

Banco de España Working Papers from Banco de España

Abstract: This paper looks at the long term output effect of those monetary policies aimed at reducing inflation from its peak by late seventies, in nine major OECD countries. The estimated effect depends on the way nominal shocks are identified. Alternatively to the cross-country regression analysis we estimate a structural VAR model in output, inflation and unemployment.

Keywords: INFLATION; PRICES; CENTRAL BANKS; ECONOMIC GROWTH (search for similar items in EconPapers)
JEL-codes: E31 E58 O4 (search for similar items in EconPapers)
Date: 1998
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Persistent link: http://EconPapers.repec.org/RePEc:bde:wpaper:9825

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