The transmission effect of money has been a frequently debated issue. This paper discusses the empirical literature examining the effect of money on real output. In contrast to the commonly held … Expand.
View 12 excerpts, cites background and methods. A Reply. Using the estimated VAR system, one can trace out As John Cochrane , p. Assessing the effects of monetary and fiscal policy. This paper has two objectives: the first is to jointly analyse monetary and fiscal policy with a structural VAR model, evaluate the dynamic impact of policy shocks on U.
VAR studies of the effects of monetary policy on output suggest that a contractionary impulse results in a drawn-out, hump-shaped response of output.
Standard structural economic models are generally … Expand. Macroeconomic shocks such as wil price increases induce a systematic endogenous response of monetary policy. We develop a VAR-based technique for decomposing the total economic effects of a given … Expand. Monetary policy and the transmission of oil shocks.
This paper provides evidence on the role played by monetary policy in the transmission of oil shocks to the US economy. We show that for the period since , oil shocks have had a negative effect … Expand. View 1 excerpt, cites background. This paper presents an analysis of the effects of fiscal policy in Germany based on a structural VAR approach.
Fiscal policy shocks are identified as the structural residuals related to unexpected … Expand. View 1 excerpt, cites methods.
There is substantial agreement in the monetary policy literature over the effects of exogenous monetary policy shocks. The shocks that are investigated, however, almost exclusively represent … Expand.
This paper presents the findings a meta-analysis identifying the causes of variation in the impact of monetary policies on economic development.
The sample of observations included in our … Expand. 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 … Expand. It is currently popular to identify monetary policy shocks with innovations in some measure of reserves or in the federal funds rate. These assumptions about the interest elasticity of the supply of … Expand. The identification of monetary policy disturbances: explaining the liquidity puzzle.
Abstract This paper examines recent work on the identification of monetary policy disturbances. Its main finding is that the empirical anomalies found in the literature reflect a failure to properly … Expand. There is wide agreement about the major goals of economic policy: high employment, stable prices, and rapid growth.
Nwafor 2. One of the key objectives of every good economy, whether or not developing or developed is to achieve a high and sustainable economic growth rate coupled with the economic indicators. The research on the Multivariate Time Series Modeling of Major Economic Indicators in Nigeria, aims at providing quantitative analysis of the dynamics on currency in circulation, exchange rate, external reserve, gross domestic product, money supply and price deflator.
This study utilizes secondary data obtained from the Central Bank of Nigeria, Statistical Bulletin vol. The sample covers quarterly data from to The study employed the newly developed multivariate time series estimation technique via Vector Autoregressive modeling to model the economic indicators in Nigeria. The empirical result yields a stable and sustainable economic model for the six economic variables in the study. The Granger causality analysis indicates that there exists unidirectional and bidirectional causality between the economic variables.
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