TY - JOUR
T1 - Interpreting the macroeconomic time series facts. The effects of monetary policy
AU - Sims, Christopher A.
PY - 1992/6
Y1 - 1992/6
N2 - 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.
AB - 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.
UR - http://www.scopus.com/inward/record.url?scp=44049115762&partnerID=8YFLogxK
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U2 - 10.1016/0014-2921(92)90041-T
DO - 10.1016/0014-2921(92)90041-T
M3 - Article
AN - SCOPUS:44049115762
SN - 0014-2921
VL - 36
SP - 975
EP - 1000
JO - European Economic Review
JF - European Economic Review
IS - 5
ER -