| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10973 |
| 来源ID | Working Paper 10973 |
| Has Monetary Policy Become More Efficient? A Cross Country Analysis | |
| Stephen G. Cecchetti; Alfonso Flores-Lagunes; Stefan Krause | |
| 发表日期 | 2004-12-13 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | Over the past twenty years, macroeconomic performance has improved in industrialized and developing countries alike. In a broad cross-section of countries inflation volatility has fallen markedly while output variability has either fallen or risen only slightly. This increased stability can be attributed to either: 1) more efficient policy-making by the monetary authority, 2) a reduction in the variability of the aggregate supply shocks, or 3) changes in the structure of the economy. In this paper we develop a method for measuring changes in performance, and allocate the source of performance changes to these two factors. Our technique involves estimating movements toward an inflation and output variability efficiency frontier, and shifts in the frontier itself. We study the change from the 1980s to the 1990s in the macroeconomic performance of 24 countries and find that, for most of the analyzed countries, more efficient policy has been the driving force behind improved macroeconomic performance. |
| 主题 | Macroeconomics ; Monetary Policy |
| URL | https://www.nber.org/papers/w10973 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568607 |
| 推荐引用方式 GB/T 7714 | Stephen G. Cecchetti,Alfonso Flores-Lagunes,Stefan Krause. Has Monetary Policy Become More Efficient? A Cross Country Analysis. 2004. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w10973.pdf（473KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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