What do monetary contractions do? Evidence from large tightenings

Review of Economic Dynamics - Tập 38 - Trang 41-58 - 2020
Tim Willems1
1International Monetary Fund, 700 19th Street, 20431, Washington DC, United States

Tài liệu tham khảo

Antolin-Diaz, 2018, Narrative sign restrictions for SVARs, The American Economic Review, 108, 2802, 10.1257/aer.20161852 Arias, 2019, The systematic component of monetary policy in SVARs: an agnostic identification procedure, Journal of Monetary Economics, 101, 1, 10.1016/j.jmoneco.2018.07.011 Berg, 2013 Blinder, 1998 Boivin, 2006, Has monetary policy become more effective?, Review of Economics and Statistics, 88, 445, 10.1162/rest.88.3.445 Burke Cagala, Tobias, Glogowsky, Ulrich, 2014. Panel Vector Autoregressions for Stata (xtvar). Canova, 2013, Panel vector autoregressive models: a survey, vol. 32, 205 Christiano, 1999, Monetary policy shocks: what have we learned and to what end?, vol. 1, 65, 10.1016/S1574-0048(99)01005-8 Christiano, 2005, Nominal rigidities and the dynamic effects of a shock to monetary policy, Journal of Political Economy, 113, 1, 10.1086/426038 Cochrane, John H., 2018. Michelson-Morley, Fisher, and Occam: the Radical Implications of Stable Inflation at the Zero Bound. Stanford University. Mimeo. Cochrane Cogley, 2005, Drifts and volatilities: monetary policies and outcomes in the post WWII US, Review of Economic Dynamics, 8, 262, 10.1016/j.red.2004.10.009 Cordero, 2009 Dieppe, 2018, The Bayesian Estimation, Analysis, and Regression Toolbox Eichenbaum, 1995, Some empirical evidence on the effects of shocks to monetary policy on exchange rates, The Quarterly Journal of Economics, 110, 975, 10.2307/2946646 Gali, Jordi, 2018. Insider-Outsider Labor Markets, Hysteresis and Monetary Policy. Mimeo, CREI/UPF. Gertler, 1994, Monetary policy, business cycles, and the behavior of small manufacturing firms, The Quarterly Journal of Economics, 109, 309, 10.2307/2118465 Gidlow, 2011 Goodfriend, 2005, The incredible Volcker disinflation, Journal of Monetary Economics, 52, 981, 10.1016/j.jmoneco.2005.07.001 Hanson, 2004, The price puzzle reconsidered, Journal of Monetary Economics, 51, 1385, 10.1016/j.jmoneco.2003.12.006 Hoover, 1994, Post hoc ergo propter once more: an evaluation of ‘Does monetary policy matter?’ in the spirit of James Tobin, Journal of Monetary Economics, 34, 47, 10.1016/0304-3932(94)01149-4 Ilzetzki, 2019, Exchange arrangements entering the 21st century: which anchor will hold?, Quarterly Journal of Economics, 134, 599, 10.1093/qje/qjy033 Jarocinski, 2010, Responses to monetary policy shocks in the East and the West of Europe: a comparison, Journal of Applied Econometrics, 25, 833, 10.1002/jae.1082 Jorda, Oscar, Singh, Sanjay R., Taylor, Alan M., 2019. The Long-Run Effects of Monetary Policy. Mimeo, UC Davis. Jorda, 2019, The effects of quasi-random monetary experiments, Journal of Monetary Economics Judson, 1999, Estimating dynamic panel data models: a guide for macroeconomists, Economics Letters, 65, 9, 10.1016/S0165-1765(99)00130-5 Kovanen, 2011 Laeven, 2013, Systemic banking crises database, IMF Economic Reviews, 61, 225, 10.1057/imfer.2013.12 Leeper, 1991, Equilibria under ‘active’ and ‘passive’ monetary and fiscal policies, Journal of Monetary Economics, 27, 129, 10.1016/0304-3932(91)90007-B Leeper, 1997, Narrative and VAR approaches to monetary policy: common identification problems, Journal of Monetary Economics, 40, 641, 10.1016/S0304-3932(97)00051-2 Leeper, 2003, Modest policy interventions, Journal of Monetary Economics, 50, 1673, 10.1016/j.jmoneco.2003.01.002 Mackowiak, 2009, Optimal sticky prices under rational inattention, The American Economic Review, 99, 769, 10.1257/aer.99.3.769 Monnet, 2014, Monetary policy without interest rates: evidence from France's golden age (1948 to 1973) using a narrative approach, American Economic Journal: Macroeconomics, 6, 137 Nakamura, 2018, High frequency identification of monetary non-neutrality: the information effect, The Quarterly Journal of Economics, 133, 1283, 10.1093/qje/qjy004 Nakamura, 2018, Identification in macroeconomics, The Journal of Economic Perspectives, 32, 59, 10.1257/jep.32.3.59 Nickell, 1981, Biases in dynamic models with fixed effects, Econometrica, 49, 1417, 10.2307/1911408 Ramey, 2016, Macroeconomic shocks and their propagation, vol. 2, 71, 10.1016/bs.hesmac.2016.03.003 Romer, 1989, Does monetary policy matter? A new test in the spirit of Friedman and Schwartz, NBER Macroeconomics Annual, 121, 10.1086/654103 Romer, 1994, Monetary policy matters, Journal of Monetary Economics, 34, 75, 10.1016/0304-3932(94)01150-8 Romer, 2000, Federal reserve information and the behavior of interest rates, The American Economic Review, 90, 429, 10.1257/aer.90.3.429 Romer, 2004, A new measure of monetary shocks: derivation and implications, The American Economic Review, 94, 1055, 10.1257/0002828042002651 Sargent, 1982, The ends of four big inflations, 41 Sims, 1992, Interpreting the macroeconomic time series facts: the effects of monetary policy, European Economic Review, 36, 975, 10.1016/0014-2921(92)90041-T Sims, 2006, Were there regime switches in US monetary policy?, The American Economic Review, 96, 54, 10.1257/000282806776157678 Summers, 1991, The scientific illusion in empirical macroeconomics, Scandinavian Journal of Economics, 93, 129, 10.2307/3440321 Uhlig, 2005, What are the effects of monetary policy on output? Results from an agnostic identification procedure, Journal of Monetary Economics, 52, 381, 10.1016/j.jmoneco.2004.05.007 Willems, 2011, Analyzing the effects of US monetary policy shocks in dollarized countries, European Economic Review, 61, 101, 10.1016/j.euroecorev.2013.03.005