AVOUYI-DOVI, SANVI; MATHERON, JULIEN - In: Journal of Money, Credit and Banking 39 (2007) 2-3, pp. 471-507
Would the U.S. economy's dynamic response to permanent technology shocks have been different from the actual responses if monetary authorities' systematic response to these shocks had been optimal? To answer this question, we characterize the dynamic effects of permanent technology shocks and...