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Causal effects of monetary shocks : semiparametric conditional independence tests with a multinomial propensity score

Angrist, Joshua D. (contributor); … - 2008

Macroeconomists have long been concerned with the causal effects of monetary policy. When the identification of causal effects is based on a selection-on-observables assumption, non-causality amounts to the conditional independence of outcomes and policy changes. This paper develops a...