Monetary policy and the private sector behaviour of the US economy are modelled as a time
varying structural vector autoregression, where the sources of time variation are both the …

We discuss the evolution in macroeconomic thought on the monetary policy transmission
mechanism and present related empirical evidence. The core channels of policy …

We investigate the implications of changes in the structure of the US economy for monetary
policy effectiveness. Estimating a vector autoregression over the pre-and post-1980 periods …

This paper shows that the recent evidence that disaggregated prices are volatile does not
necessarily challenge the hypothesis of price rigidity used in a large class of …

A New Keynesian model allowing for an active monetary and passive fiscal policy (AMPF)
regime and a passive monetary and active fiscal policy (PMAF) regime is estimated to fit …

The Monetary Transmission Mechanism: Some Answers and Further Questions Page 1
FRBNY Economic Policy Review / May 2002 15 The Monetary Transmission Mechanism …

The current recovery has seen steady growth in output but no corresponding rise in
employment. A look at layoff trends and industry job gains and losses in 2001-03 suggests …

In the 1970s, large increases in the price of oil were associated with sharp decreases in
output and large increases in inflation. In the 2000s, even larger increases in the price of oil …

This paper provides an explanation for the run-up of US inflation in the 1960s and 1970s
and the sharp disinflation in the early 1980s, which standard macroeconomic models have …

This article re‐examines the VAR evidence on the price puzzle and proposes a new
theoretical interpretation. Using actual data and two identification strategies based on zero …