Chari, Varadarajan; Christiano, Lawrence; Eichenbaum, Martin - National Bureau of Economic Research (NBER) - 1995
at the core of recent debates about the effects of monetary policy actions on short term interest rates. According to our … Schwartz hypothesis that this covariation reflects the effects of exogenous shocks to monetary policy, and the hypothesis that … model, the sign switch occurs because movements in non borrowed reserves are dominated by exogenous shocks to monetary …