The "price puzzle" reconsidered
Article Abstract:
The empirical effects of United States monetary policy are studied using the structural vector autoregressive (SVAR). Most of these models produce a "price puzzle." A price puzzle refers to a rise in the aggregate price level in response to a contractionary innovation to monetary policy excluding commodity prices. Though conventional wisdom supports the fact that commodity prices resolve the price puzzle as they contain information for predicting the inflation, evidence of a sample period revealed that many indicators including commodity prices couldn't resolve the price puzzle.
Publication Name: Journal of Monetary Economics
Subject: Economics
ISSN: 0304-3932
Year: 2004
User Contributions:
Comment about this article or add new information about this topic:
Equity and efficiency effects of redistributive policies
Article Abstract:
A dynamic general equilibrium model in order to compare the effects of different types of redistributive policies such as money transfers and educational transfers in terms of efficiency and equity is presented.
Publication Name: Journal of Monetary Economics
Subject: Economics
ISSN: 0304-3932
Year: 2004
User Contributions:
Comment about this article or add new information about this topic:
Unsecured debt with public insurance: from bad to worse
Article Abstract:
Public insurance and protection against bankruptcy are together evaluated wherein each context changes incentives in the other.
Publication Name: Journal of Monetary Economics
Subject: Economics
ISSN: 0304-3932
Year: 2006
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: The private uses of public interests: incentives and institutions. New and old Keynesians
- Abstracts: The macroeconomic consequences of terror and the case of Israel. Comment: oCities under stresso
- Abstracts: The efficiency wage hypothesis: a mesoeconomic analysis. General equilibria in large economies with endogenous structure of division of labor