EconPapers    
Economics at your fingertips  
 

The Dynamic Impacts of Monetary Policy: An Exercise in Tentative Identification

David Gordon () and Eric Leeper ()

Journal of Political Economy, 1994, vol. 102, issue 6, 1228-47

Abstract: It is currently popular to identify monetary policy shocks with innovations in some measure of reserves or in the federal funds rate. These assumptions about the interest elasticity of the supply of or demand for reserves imply monetary policy shocks that produce dynamic responses of macroeconomic variables that are anomalous relative to traditional monetary analyses. This paper tentatively identifies supply and demand shocks in the markets for reserves and M2 for the 1980s and contrasts them with results for the 1970s. In the later period, identified monetary policy shocks have dynamic impacts that are fully consistent with traditional analyses. Copyright 1994 by University of Chicago Press.

Date: 1994
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (267) Track citations by RSS feed

Downloads: (external link)
http://dx.doi.org/10.1086/261969 full text (application/pdf)
Access to full text is restricted to subscribers. See http://www.journals.uchicago.edu/JPE for details.

Related works:
Working Paper: The dynamic impacts of monetary policy: an exercise in tentative identification (1993)
Working Paper: The dynamic impacts of monetary policy: an exercise in tentative identification (1992)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ucp:jpolec:v:102:y:1994:i:6:p:1228-47

Access Statistics for this article

More articles in Journal of Political Economy from University of Chicago Press
Bibliographic data for series maintained by Journals Division ().

 
Page updated 2020-07-03
Handle: RePEc:ucp:jpolec:v:102:y:1994:i:6:p:1228-47