Measuring Monetary Policy

  title={Measuring Monetary Policy},
  author={I LIAN M IHOV},
  • Published 1997
We develop a model-based, VAR methodology for measuring innovations in monetary policy and their macroeconomic effects. Using this framework, we are able to compare existing approaches to measuring monetary policy shocks and derive a new measure of policy innovations based directly on (possibly timevarying) estimates of the central bank’s operating procedures. We also propose a new measure of the overall stance of policy (including the endogenous or systematic component) that is consistent with… CONTINUE READING
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