Showing 1 - 10 of 288
New Keynesian models of monetary policy assign no role to monetary aggregates, in the sense that the level of output, prices, and interest rates can be determined without knowledge of the quantity of money. We evaluate the empirical validity of this prediction by studying the effects of shocks...
Persistent link: https://www.econbiz.de/10001714614
Persistent link: https://www.econbiz.de/10000971375
Persistent link: https://www.econbiz.de/10000975029
Persistent link: https://www.econbiz.de/10000976835
Persistent link: https://www.econbiz.de/10001565679
Persistent link: https://www.econbiz.de/10000913988
This paper proposes a simple explanation for the frequent appearance of a price puzzle in VARs designed for monetary … policy analysis. It suggests that the best method of solving the puzzle implies a close connection between theory and … empirics rather than the introduction of a commodity price. It proves that the omission of a measure of output gap (or …
Persistent link: https://www.econbiz.de/10001600038
Few propositions in macroeconomics are less controversial than long-run money neutrality, yet clear and robust empirical support has not been found in time series studies. Bernanke and Mihov (1998) are comparatively successful in this hunt, but their output response to monetary policy shocks...
Persistent link: https://www.econbiz.de/10001600067
Persistent link: https://www.econbiz.de/10000984764
We study the choice of drug for the treatment of high blood pressure (hypertension) in Sweden between 1988-1994. During this time period calcium antagonists and ACE-inhibitors increased their market shares at the expense of the older drugs diuretics and beta-blockers. We use a prescription micro...
Persistent link: https://www.econbiz.de/10001607831