The American Economic Review, Volume 97American Economic Association., 2007 |
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... data . Section II presents the dynamic effects of monetary policy on different macroeconomic aggregates and performs a set of robustness tests . VOL . 97 NO . 3 637 OLIVEI AND TENREYRO : THE TIMING OF MONETARY POLICY SHOCKS.
... data . Section II presents the dynamic effects of monetary policy on different macroeconomic aggregates and performs a set of robustness tests . VOL . 97 NO . 3 637 OLIVEI AND TENREYRO : THE TIMING OF MONETARY POLICY SHOCKS.
Página 639
... policy shock can be obtained via a Choleski decomposition of the covariance matrix of the reduced - form residuals . 9 One important implication of quarter depen- dence is that the effects of monetary policy shocks vary depending on the ...
... policy shock can be obtained via a Choleski decomposition of the covariance matrix of the reduced - form residuals . 9 One important implication of quarter depen- dence is that the effects of monetary policy shocks vary depending on the ...
Página 640
... policy . Only after 1965 did the federal funds rate , the policy variable in our study , exceed the discount rate ... shock that corresponds to a 25 - basis - point de- cline in the funds rate on impact . For ease of comparison , the response ...
... policy . Only after 1965 did the federal funds rate , the policy variable in our study , exceed the discount rate ... shock that corresponds to a 25 - basis - point de- cline in the funds rate on impact . For ease of comparison , the response ...
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