Review over Empirical Evidence on Real Effects of Monetary Policy

Rongrong Sun

MPRA Paper from University Library of Munich, Germany

Abstract: This paper reviews and discusses the empirical literature on the impact of monetary policy on output. We focus on the evolution of methods that these studies have applied and demonstrate the established fact that monetary policy has significant impact on output. Throughout the review, we particularly highlight two problems in estimating the effects of monetary policy: the problem of how to measure monetary policy and the identification problem.

Keywords: monetary policy; non-neutrality; systematic monetary policy reactions; vector autoregression (search for similar items in EconPapers)
JEL-codes: E42 E52 E58 (search for similar items in EconPapers)
Date: 2014-08
New Economics Papers: this item is included in nep-mac and nep-mon
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:58513

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