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A small, structural, quarterly model for monetary policy evaluation
被引：69
作者：
Ireland, PN
[1
]
机构：
[1] Rutgers State Univ, Dept Econ, New Brunswick, NJ 08903 USA
来源：
CARNEGIE-ROCHESTER CONFERENCE SERIES ON PUBLIC POLICY, VOL 47, 1997
|
1997年
/
47卷
关键词：
D O I：
10.1016/S0167-2231(98)00005-0
中图分类号：
C93 [管理学];
D035 [国家行政管理];
D523 [行政管理];
D63 [国家行政管理];
学科分类号：
12 ;
1201 ;
1202 ;
120202 ;
1204 ;
120401 ;
摘要：
This paper develops a small, structural model of the United States economy and estimates that model with quarterly data on output, prices, and money from 1959 through 1995. The estimates reveal that the Federal Reserve has successfully insulated the economy from the effects of exogenous demand-side disturbances, so that most of the observed variation in aggregate output reflects the impact of supply-side shocks. Indeed, the model suggests that during the sample period, Federal Reserve policy has responded efficiently to these shocks, although the rate of inflation has been, on average, too high.
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页码：83 / 108
页数：26
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