Has monetary policy become more effective?

• 成果类型: Article
• 署名作者: Boivin, Jean; Giannoni, Marc P.
• 署名单位: Columbia University; National Bureau of Economic Research; Centre for Economic Policy Research - UK
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/rest.88.3.445
• 发表日期: 2006-08
• 页码: 445-462
• 关键词: rational-expectations models; habit formation; macroeconomic stability; time; consumption; DYNAMICS; prices

摘要

We investigate the implications of changes in the structure of the U.S. economy for monetary policy effectiveness. Estimating a vector autoregression over the pre- and post-1980 periods, we provide evidence of a reduced effect of monetary policy shocks in the latter period. We estimate a structural model that replicates well the economy's response in both periods, and perform counterfactual experiments to determine the source of the change in the monetary transmission mechanism and in the economy's volatility. We find that by responding more strongly to inflation expectations, monetary policy has stabilized the economy more effectively in the post-1980 period.