Structural changes in the US economy: Bad Luck or Bad Policy?
| Contribuinte(s) |
Universitat Pompeu Fabra. Departament d'Economia i Empresa |
|---|---|
| Data(s) |
10/07/2013
|
| Resumo |
This paper investigates the relationship between time variations in output and inflation dynamics and monetary policy in the US. There are changes in the structural coefficients and in the variance of the structural shocks. The policy rules in the 1970s and 1990s are similar as is the transmission of policy disturbances. Inflation persistence is only partly a monetary phenomena. Variations in the systematic component of policy have limited effects on the dynamics of output and inflation. Results are robust to alterations in the auxiliary assumptions. |
| Identificador | |
| Idioma(s) |
eng |
| Direitos |
Aquest document està subjecte a una llicència d'ús de Creative Commons, amb la qual es permet copiar, distribuir i comunicar públicament l'obra sempre que se'n citin l'autor original, la universitat i el departament i no se'n faci cap ús comercial ni obra derivada, tal com queda estipulat en la llicència d'ús (<a href="http://creativecommons.org/licenses/by-nc-nd/2.5/es/">http://creativecommons.org/licenses/by-nc-nd/2.5/es/</a>) |
| Palavras-Chave | #Monetary policy, Inflation persistence, Transmission of shocks, Time varying coefficients structural VARs |
| Tipo |
info:eu-repo/semantics/workingPaper |
