Measuring Monetary Policy

Ben Bernanke and Ilian Mihov

The Quarterly Journal of Economics, 1998, vol. 113, issue 3, 869-902

Abstract: We develop a model-based, VAR methodology for measuring innovations in monetary policy and their macroeconomic effects. Using this framework, we are able to compare existing approaches to measuring monetary policy shocks and derive a new measure of policy innovations based directly on (possibly time-varying) estimates of the central bank's operating procedures. We also propose a new measure of the overall stance of policy (including the endogenous or systematic component) that is consistent with our approach.

Date: 1998
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Related works:
Working Paper: Measuring monetary policy (1995)
Working Paper: Measuring Monetary Policy (1995)
Working Paper: Measuring Monetary Policy (1995)
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