Using a regional VAR, we find large differences in the effects of monetary policy shocks across regions of the United States. We also find that the region-level effects of monetary policy differ a great deal between the pre-Volcker and Volcker-Greenspan periods in terms of their depth and...

Presentation before the AAIM Management Association, St. Louis - Jan. 11, 2002

Delivered at the Commerce Bank Economic Breakfast, November 18, 2009