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Money and Interest Rate Shocks: Some International Evidence

M.S. Monadjemi and Hyeon-seung Huh

Working Papers from New South Wales - School of Economics

Abstract: The effects of monetary policy are transmitted to the economy through changes in money and/or changes in interest rates. Most of the recent studies based on VAR indicate the existence of "monetary puzzles" in their empirical results. A puzzle exists when the effects of monetary policy on macroeconomic variables are inconsistent with the prediction of economic theory. It is generally believed that puzzles are due to poorly identified monetary policy shocks. This study, in the context of data on Australia, Canada and the United States, attempts to compare the effects of monetary policy shocks with and without a properly identified policy shock.

Keywords: MONEY; INTEREST RATE; BUSINESS CYCLES; MONETARY POLICY (search for similar items in EconPapers)
JEL-codes: E32 E42 E43 E52 (search for similar items in EconPapers)
Pages: 13 pages
Date: 1999
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