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Mavroeidis, Sophocles. 2010. "Monetary Policy Rules and Macroeconomic Stability: Some New Evidence."
,
100(1): 491-503.
Show Article Details
DOI: 10.1257/aer.100.1.491
Abstract: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,)
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Appendix
Authors:
Mavroeidis, Sophocles (Brown U)
JEL Classifications:
E31: Price Level; Inflation; Deflation
E32: Business Fluctuations; Cycles
E52: Monetary Policy
E65: Studies of Particular Policy Episodes
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