Interpreting the Macroeconomic Time Series Facts: The Effects of Monetary Policy
Christopher Sims ()
No 1011, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University
Existing theory and evidence on the effects of monetary policy are reviewed. Substantial room for disagreement among economists remains. New evidence, based on multivariate time series studies of several countries, is presented. While certain patterns in the data consistent with effective monetary policy are strikingly similar across countries, others, particularly the tendency of interest rate increases to predict high inflation, are harder to reconcile with effective monetary policy.
Keywords: Interest rates; aggregate activity (search for similar items in EconPapers)
JEL-codes: C22 E52 (search for similar items in EconPapers)
Note: CFP 823.
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Published in European Economic Review (1991), 36: 974-1011
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Journal Article: Interpreting the macroeconomic time series facts: The effects of monetary policy (1992)
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Persistent link: https://EconPapers.repec.org/RePEc:cwl:cwldpp:1011
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