The Effects of Monetary Policy: A Meta-Analysis

Paul De Grauwe, Cláudia Costa Storti and Cláudia Costa Storti

No 1224, CESifo Working Paper Series from CESifo

Abstract: In this paper we perform a meta-analysis of the effects of monetary policies on output and prices. We use a sample of published papers on the effects of monetary policies in different countries. There is a large variation in the estimated effects of monetary policies on output and prices. We find that the use of different econometric methodologies is an important variable explaining these differences. In addition, we analyze the importance of macroeconomic variables. Thus we find that in countries with high inflation, the output effects of monetary policies are significantly reduced. A lot of variation in the estimated effects of monetary policies remains unexplained. More research will have to be done to understand these large differences.

Date: 2004
New Economics Papers: this item is included in nep-hpe, nep-mac and nep-mon
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Citations: View citations in EconPapers (22)

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Persistent link: https://EconPapers.repec.org/RePEc:ces:ceswps:_1224

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