The dynamics of US inflation : can monetary policy explain the changes?
Title: The dynamics of US inflation : can monetary policy explain the changes?
Citation: Journal of Econometrics, 2012, Vol. 167, No. 1, pp. 47-6
ISSN: 1872-6895; 0304-4076
We investigate the relationship between monetary policy and inflation dynamics in the US using a medium scale structural model. The specification is estimated with Bayesian techniques and fits the data reasonably well. Policy shocks account for a part of the decline in inflation volatility; they have been less effective in triggering inflation responses over time and qualitatively account for the rise and fall in the level of inflation. A number of structural parameter variations contribute to these patterns.
Received 6 September 2006 Received in revised form 10 July 2010 Accepted 9 August 2011 Available online 9 November 2011
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