Real and nominal effects of monetary policy shocks

Rokon Bhuiyan and Robert Lucas

Canadian Journal of Economics, 2007, vol. 40, issue 2, 679-702

Abstract: . Then we estimate a recursive VAR model with innovations in a monetary aggregate and the overnight target interest rate as alternative measures of monetary policy shocks. We find that a negative policy shock raises both nominal and ex ante real interest rates, lowers inflationary expectations and real industrial output, and appreciates the Canadian dollar.

JEL-codes: E40 E50 (search for similar items in EconPapers)
Date: 2007
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