Boivin, Jean; Giannoni, Marc - Federal Reserve Bank of New York - 2002
Recent vector autoregression (VAR) studies have shown that monetary policy shocks have had a reduced effect on the … monetary policy to the economy in the later period. Second, we present and estimate a fully specified model that replicates … well the dynamic response of output, inflation, and the federal funds rate to monetary policy shocks in both periods. Using …