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Author Barakchian, S. Mahdi, author

Title Monetary policy matters : new evidence based on a new shock measure / prepared by S. Mahdi Barakchian and Christopher Crowe
Published [Washington, D.C.] : International Monetary Fund, [2010]
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Description 1 online resource (65 pages) : color illustrations
Series IMF working paper ; WP/10/230
IMF working paper ; WP/10/230
Summary Conventional VAR and non-VAR methods of identifying the effects of monetary policy shocks on the economy have found a negative output response to monetary tightening using U.S. data over the 1960s-1990s. However, we show that these methods fail to find this contractionary effect when the sample is restricted to the period since the 1980s, apparently due to changes in the policymaking environment that reduce their effectiveness. Identifying policy shocks using Fed Funds futures data, we recover the contractionary effect of monetary tightening on output and find that almost half of output variation over the period appears due to policy shocks
Bibliography Includes bibliographical references
Notes Print version record
Subject Economic policy.
Monetary policy.
Form Electronic book
Author Crowe, Christopher, author
International Monetary Fund. Research Department, issuing body
ISBN 1283566664