| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w2384
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| 来源ID | Working Paper 2384
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| The Impact of Monetary Targeting in the United States: 1976-1984 |
| Carl E. Walsh
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| 发表日期 | 1987-09-01
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| 出版年 | 1987
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| 语种 | 英语
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| 摘要 | This paper attempts to assess empirically the impact on output and inflation of monetary policy in the U-S. during the period of M1 targeting from 1976 to 1984. The impact of policy shocks on output and inflation, and the impact of aggregate demand, aggregate supply and money demand shocks on M1 and the Fed's target path, are examined through the use of impulse response functions. These response functions are based on an orthogonalization of VAR residuals derived from an estimated structural model. The VAR specification reflects the finding that M1 and the Fed's target for M1 are cointegrated. The evidence suggests that money supply shocks and shocks to M1 target have accounted for little of the observed volatility of output or inflation. However, the induced policy response to aggregate demand and supply shocks has contributed to subsequent inflation. |
| 主题 | Macroeconomics
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| URL | https://www.nber.org/papers/w2384
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/559639
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推荐引用方式
GB/T 7714 |
Carl E. Walsh. The Impact of Monetary Targeting in the United States: 1976-1984. 1987.
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文件名：
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w2384.pdf
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格式：
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Adobe PDF
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