Interpreting the macroeconomic time series facts
1992; Elsevier BV; Volume: 36; Issue: 5 Linguagem: Inglês
10.1016/0014-2921(92)90041-t
ISSN1873-572X
Autores Tópico(s)Economic, financial, and policy analysis
ResumoExisting theory and evidence on the effects of monetary policy are reviewed. Substantial room for disagreement among economists remains. New evidence, based on multivariate time series studies of several countries, is presented. While certain patterns in the data consistent with effective monetary policy are strikingly similar across countries, others, particularly the tendency of interest rate increases to predict high inflation, are harder to reconcile with effective monetary policy.
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