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Monetary policy shocks: What have we learned and to what end?

In: Handbook of Macroeconomics

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Author Info
Christiano, Lawrence J.
Eichenbaum, Martin
Evans, Charles L.

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Abstract

This chapter reviews recent research that grapples with the question: What happens after an exogenous shock to monetary policy? We argue that this question is interesting because it lies at the center of a particular approach to assessing the empirical plausibility of structural economic models that can be used to think about systematic changes in monetary policy institutions and rules.The literature has not yet converged on a particular set of assumptions for identifying the effects of an exogenous shock to monetary policy. Nevertheless, there is considerable agreement about the qualitative effects of a monetary policy shock in the sense that inference is robust across a large subset of the identification schemes that have been considered in the literature. We document the nature of this agreement as it pertains to key economic aggregates.

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This chapter was published in: J. B. Taylor & M. Woodford (ed.) Handbook of Macroeconomics, , chapter 02, pages 65-148, 1999.

This item is provided by Elsevier in its series Handbook of Macroeconomics with number 1-02.

Handle: RePEc:eee:macchp:1-02

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This chapter was published in the following book, which is listed on IDEAS:
J. B. Taylor & M. Woodford (ed.), 1999. "Handbook of Macroeconomics," Handbook of Macroeconomics, Elsevier, edition 1, volume 1, number 1, September. [Downloadable!] (restricted)
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E0 - Macroeconomics and Monetary Economics - - General

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  1. Advanced Monetary Theory and Policy (ECON 447)
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