Does Monetary Policy Matter? A New Test in the Spirit of Friedman and Schwartz
نویسندگان
چکیده
منابع مشابه
Does Monetary Policy Matter? A New Test in the Spirit of Friedman and Schwartz
This paper investigates whether nominal disturbances have important real effects. What differentiates the paper from the countless others on the same subject is that it focuses not on purely statistical evidence but on evidence derived from the historical record--evidence based on what we call the "narrative approach." This approach was pioneered by Friedman and Schwartz in their Monetary Histo...
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Christina and David Romer’s paper ‘Does Monetary Policy Matter?’ advocates the so-called ‘narrative’ approach to causal inference. We demonstrate that this method will not sustain causal inference. First, it is impossible to distinguish monetary shocks from oil shocks as causes of recessions. Second, a world in which the Fed only announces intentions to act cannot be distinguished from one in w...
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For many, Friedman and Schwartz’s Monetary History of the United States (1963) is synonymous with the notion that monetary contraction and errors by the Federal Reserve caused the Great Depression. Though that is one of the book’s conclusions, this quick summary both sells the book short in important ways and oversells its findings about the 1930s. The crucial way it sells the book short is tha...
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15 صفحه اولUncertainty and fiscal policy in a monetary union: Why does monetary policy transmission matter? ¬リニ
a r t i c l e i n f o In this paper, we develop a monetary-fiscal game in a monetary union with uncertainty due to imperfect transparency about the central bank's preferences. The objective is to investigate the macroeconomic effects of this uncertainty by explicitly taking into account the role of the monetary policy transmission mechanism. We first consider the case of symmetric monetary tran...
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ژورنال
عنوان ژورنال: NBER Macroeconomics Annual
سال: 1989
ISSN: 0889-3365,1537-2642
DOI: 10.1086/654103