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Technology Shocks and Monetary policy: Assessing the Fed's Performance

Jordi Gali (), David Lopez-Salido () and Javier Valles

No 13, Working Papers from Banco de España, Working Papers Homepage

Abstract: The purpose of the present paper is twofold. First, we characterize de Fed's systematic response to technology shocks and its implications for US output, hours and inflation. Second we evaluate the extent to which that responses can be accounted for by a simple monetary policy rule in the context of a standard business cycle model with sticky prices.

Keywords: monetary policy; technological change; inflation (search for similar items in EconPapers)
JEL-codes: E31 E52 O33 (search for similar items in EconPapers)
Pages: 22 pages
Date: 2000
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http://www.bde.es/f/webbde/SES/Secciones/Publicaci ... o/00/Fic/dt0013e.pdf First version, 2000 (application/pdf)

Related works:
Journal Article: Technology shocks and monetary policy: assessing the Fed's performance (2003) Downloads
Working Paper: Technology Shocks and Monetary Policy: Assessing the Fed's Performance (2002) Downloads
Working Paper: Technology Shocks and Monetary Policy: Assessing the Fed's Performance (2002) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:bde:wpaper:0013

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