This paper focuses on simple normative rules for monetary policy that central banks can use to guide their interest rate decisions. Such rules were first derived from research on empirical monetary models with rational expectations and sticky prices built in the 1970s and 1980s. During the past...

v. 1A. Business cycle fluctuations in US macroeconomic time series / James H. Stock and Mark W. Watson -- Monetary policy shocks : what have we learned and to what end? / Lawrence J. Christiano, Martin Eichenbaum and Charles L. Evans -- Monetary policy regimes and economic performance : the...

v. 1A. Business cycle fluctuations in US macroeconomic time series / James H. Stock and Mark W. Watson -- Monetary policy shocks : what have we learned and to what end? / Lawrence J. Christiano, Martin Eichenbaum and Charles L. Evans -- Monetary policy regimes and economic performance : the...

2 Methods for Identifying Shocks and Estimating Impulse Responses3 Monetary Policy Shocks; 4 Fiscal Shocks; 5 Technology Shocks; 6 Additional Shocks; 7 Summary and Conclusions; Acknowledgments; Chapter 3: Macroeconomic Regimes and Regime Shifts; Abstract; 1 Introduction: Economic Recessions as...