Document Type
Discussion Paper
Publication Date
3-1-1992
CFDP Number
1011
CFDP Pages
30
Abstract
Existing theory and evidence on the effects of monetary policy are reviewed. Substantial room for disagreement among economists remains. New evidence, based on multivariate time series studies of several countries, is presented. While certain patterns in the data consistent with effective monetary policy are strikingly similar across countries, others, particularly the tendency of interest rate increases to predict high inflation, are harder to reconcile with effective monetary policy.
Recommended Citation
Sims, Christopher A., "Interpreting the Macroeconomic Time Series Facts: The Effects of Moentary Policy" (1992). Cowles Foundation Discussion Papers. 1254.
https://elischolar.library.yale.edu/cowles-discussion-paper-series/1254