Corpus ID: 11220977

Structural Changes in the Us Economy: Bad Luck or Bad Policy?

  title={Structural Changes in the Us Economy: Bad Luck or Bad Policy?},
  author={F. Canova and Luca Gambetti},
  journal={Public Choice & Political Economy eJournal},
  • F. Canova, Luca Gambetti
  • Published 2006
  • Economics
  • Public Choice & Political Economy eJournal
  • This paper investigates the relationship between time variations in output and inflation dynamics and monetary policy in the US. There are changes in the structural coefficients and in the variance of the structural shocks. The policy rules in the 1970s and 1990s are similar as is the transmission of policy disturbances. Inflation persistence is only partly a monetary phenomena. Variations in the systematic component of policy have limited effects on the dynamics of output and inflation… CONTINUE READING
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