This study analyzes the effects of variability in money growth on the macroeconomy, for the period 1961:1-1984:4, within the context of a vector autoregressive model that contains variables typically included in a small macro model. Variance decompositions and historical decompositions are used...

This paper presents results that indicate that oil price shocks were economically important in explaining movements in industrial production and, to a lesser degree, movements in wholesale prices in the period between World Wars I and II. The framework for analysis is a vector autoregressive...