RESOLVING THE LIQUIDITY PUZZLE

Apostolos Serletis and Victor Chwee

Macroeconomic Dynamics, 1997, vol. 1, issue 4, 720-739

Abstract: This paper considers a nonborrowed-monetary-base VAR and a targets and instrument framework favored by the monetarists to resolve the puzzles thrown up by monetary VAR studies. The results show that nonborrowed-monetary-base shocks produce responses consistent with a priori expectations about the effects of monetary policy on interest rates, prices, and output.

Date: 1997
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