Reexamination of the effects of monetary policy using spectral decomposition

Kosei Fukuda ()

Applied Economics Letters, 2007, vol. 14, issue 10, 769-774

Abstract: International evidence on the effects of monetary policy presented by Sims (1992) is reexamined by spectral decompositions as well as by impulse response functions. The results obtained using spectral decompositions suggest that money stock innovations can be regarded as monetary policy shocks, while the results obtained using impulse response functions show little clear evidence.

Date: 2007
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DOI: 10.1080/13504850600592606

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