Replication data for: Monetary Policy Rules and Macroeconomic Stability: Some New Evidence
Principal Investigator(s): View help for Principal Investigator(s) Sophocles Mavroeidis
Version: View help for Version V1
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Project Citation:
Mavroeidis, Sophocles. Replication data for: Monetary Policy Rules and Macroeconomic Stability: Some New Evidence. Nashville, TN: American Economic Association [publisher], 2010. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112332V1
Project Description
Summary:
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I revisit the question of indeterminacy in US monetary policy using limited-information identification-robust methods. I find that the conclusions of Clarida, Galí, and Gernter (2000) that policy was inactive before 1979 are robust, but the evidence over the Volcker-Greenspan periods is inconclusive. I show that this is in fact consistent with policy being active over that period. Problems of identification also arise because policy reaction has been more gradual recently. At a methodological level, the paper demonstrates that identification issues should be taken seriously, and that identification-robust methods can be informative even when they produce wide confidence sets. (E31, E32, E52, E65,)
Scope of Project
Subject Terms:
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Macroeconomic data;
Econometrics
JEL Classification:
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E31 Price Level; Inflation; Deflation
E32 Business Fluctuations; Cycles
E52 Monetary Policy
E65 Studies of Particular Policy Episodes
E31 Price Level; Inflation; Deflation
E32 Business Fluctuations; Cycles
E52 Monetary Policy
E65 Studies of Particular Policy Episodes
Geographic Coverage:
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United States
Time Period(s):
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1960 – 2006
Data Type(s):
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observational data;
program source code;
aggregate data
Methodology
Data Source:
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Board of Governors of the Federal Reserve System; U.S. Department of Commerce, Bureau of Economic Analysis; U.S. Congress: Congressional Budget Office
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