MONETARY-POLICY MATTERS

• 成果类型: Article
• 署名作者: ROMER, CD; ROMER, DH
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/0304-3932(94)01150-8
• 发表日期: 1994
• 页码: 75-88
• 关键词: Monetary policy

摘要

This paper addresses Hoover and Perez's comments on our 1989 paper. We first show that the estimated impact of monetary policy shifts remains large and ranges from marginally to strongly significant when oil shocks are controlled for. We then extend our previous work by expanding the sample period and identifying an additional policy shift in December 1988. With this extension, the estimated effects of monetary policy shifts are large and highly significant for all reasonable specifications of oil shocks. We also demonstrate that Hoover and Perez's other objections have little bearing on our conclusions.