| Title: | What Does Monetary Policy Do? |
| Author: | Leeper, Eric M.; Sims, Christopher A.; Zha, Tao |
| Author Affiliation: | IN U; Yale U; Federal Reserve Bank of Atlanta |
| Source: | Brookings Papers on Economic Activity, 1996, v. 0, iss. 2, pp. 1-63 |
| Publication Date: | 1996 |
| Abstract: | This paper uses a single time frame and data set to present and analyze the results that have emerged from the recent empirical literature on the effects of monetary policy. It uses statistical methods that allow the analysis of larger models that appear previously in this literature. Monetary policy actions are shown to be largely systematic responses to the state of the economy. Consequently, there is more uncertainty about the effects of monetary policy than might be thought on the basis of simple graphical or narrative approaches to assessing the evidence. |
| Descriptors: | Domestic Monetary Theory; Empirical Studies Illustrating Theory Time Series and Spectral Analysis Econometric and Statistical Methods and Models: Multivariate Analysis, Statistical Information Theory, and Other Special Inferential Problems; Queuing Theory; Markov Chains Inferential Problems in Simultaneous Equation Systems Monetary Policy (Targets, Instruments, and Effects) Econometric Methods: Multiple/Simultaneous Equation Models: Time-Series Models |
| Geographic Descriptors: | U.S. |
| ISSN: | 00072303 |
| Publication Type: | Journal Article |
| Availability: | http://www.brookings.org/es/commentary/journals/bpea |