Has Monetary Policy Become Less Powerful?

  • Jean Boiviny, Marc Giannoniz
  • Published 2001

Abstract

Recent vector autoregression (VAR) studies have shown that monetary policy shocks have had a reduced e¤ect on the economy since the beginning of the 1980s. This paper investigates the causes of this change. First, we estimate an identi...ed VAR over the preand post-1980 periods, and corroborate the existing results suggesting a stronger systematic response… (More)

Topics

11 Figures and Tables