Demiralp, Selva; Hoover, Kevin; Perez, Stephen - In: Empirical Economics 46 (2014) 2, pp. 701-731
The price puzzle, an increase in the price level associated with a contractionary monetary shock, is investigated in a rich, 12-variable SVAR in which various factors that have been mooted as solutions are considered jointly. SVARs for the pre-1980 and post-1990 periods are identified...