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1970s' United States would not have prevented the Great Inflation. We show that a standard policy counterfactual suggests … that the Bundesbank – which is near-universally credited for sparing West Germany the Great Inflation – would also not have … been able to prevent the Great Inflation in the United States. The sheer implausibility of this result sounds a cautionary …
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of such exercises. - Bayesian VARs ; time-varying parameters ; stochastic volatility ; identified VARs ; Great Inflation … 1970s' United States would not have prevented the Great Inflation. We show that a standard policy counterfactual suggests … that the Bundesbank - which is near-universally credited for sparing West Germany the Great Inflation - would also not have …
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This work investigates effects of conventional monetary policy and central bank information shocks from monetary policy announcements on the U.S. economy. We identify the surprises caused by changes in target rate and central bank’s private information embedded in high frequency exchange rate...
Persistent link: https://www.econbiz.de/10012304714
This note proposes an update to Figure 1 in "Macroeconomic Shocks and their Propagation" in the Handbook of Macroeconomics of 2016 (Ramey, 2016). Figure 1 of Ramey (2016) reports Impulse-Response Functions (IRFs) of variables of interest to a shock in the Federal Funds Rate, following the...
Persistent link: https://www.econbiz.de/10012416282
1970s’ United States would not have prevented the Great Inflation. We show that a standard policy counterfactual suggests … that the Bundesbank–which is near-universally credited for sparing West Germany the Great Inflation–would also not have … been able to prevent the Great Inflation in the United States. The sheer implausibility of this result sounds a cautionary …
Persistent link: https://www.econbiz.de/10011605180
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