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Changes in monetary policy effectiveness: evidence from large macroeconomic models

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  • Patricia C. Mosser

Abstract

This article evaluates changes in the aggregate effectiveness of monetary policy and changes in monetary policy transmission mechanisms by examining how traditional large-scale macroeconometric models have evolved in the last ten to fifteen years. The article analyzes shifts in model structure and sheds some light on the changing relationship between policy and the real economy by reporting simulations that use different historical versions of the models.

Suggested Citation

  • Patricia C. Mosser, 1992. "Changes in monetary policy effectiveness: evidence from large macroeconomic models," Quarterly Review, Federal Reserve Bank of New York, vol. 17(Spr), pages 36-51.
    • Handle: RePEc:fip:fednqr:y:1992:i:spr:p:36-51:n:v.17no.1
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    Cited by:

    1. Sydney C. Ludvigson & Charles Steindel, 1999. "How important is the stock market effect on consumption?," Economic Policy Review, Federal Reserve Bank of New York, vol. 5(Jul), pages 29-51.
    2. Ha, Yuong, 1999. "Uncertainty about Length of the Monetary Policy Transmission Lag: Implications for Monetary Policy," Working Paper Series 94, Sveriges Riksbank (Central Bank of Sweden).

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