Interpreting the macroeconomic time series facts. The effects of monetary policy

Research output: Contribution to journalArticle

723 Scopus citations

Abstract

Existing 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.

Original languageEnglish (US)
Pages (from-to)975-1000
Number of pages26
JournalEuropean Economic Review
Volume36
Issue number5
DOIs
StatePublished - Jan 1 1992
Externally publishedYes

All Science Journal Classification (ASJC) codes

  • Finance
  • Economics and Econometrics

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