Has monetary policy become more effective?

被引：376

作者：

Boivin, Jean ^{[1
]}

Giannoni, Marc P.

机构：

[1] Columbia Univ, New York, NY 10027 USA

[2] NBER, Cambridge, MA 02138 USA

[3] CEPR, London, England

来源：

REVIEW OF ECONOMICS AND STATISTICS | 2006年 / 88卷 / 03期

关键词：

D O I：

10.1162/rest.88.3.445

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We investigate the implications of changes in the structure of the U.S. economy for monetary policy effectiveness. Estimating a vector autoregression over the pre- and post-1980 periods, we provide evidence of a reduced effect of monetary policy shocks in the latter period. We estimate a structural model that replicates well the economy's response in both periods, and perform counterfactual experiments to determine the source of the change in the monetary transmission mechanism and in the economy's volatility. We find that by responding more strongly to inflation expectations, monetary policy has stabilized the economy more effectively in the post-1980 period.

引用

页码：445 / 462

页数：18