Evidence is provided on the allocated effects of monetary poicy by estimating the extent of which money growth shocks affected individual relative prices from 1954 to 1979. Builing on Geweke's (1982) feedback measure, the paper presents estimates of monetary feedback decomposed by frequency to allow monetary policy short-run effects to differ from its longer-run effects.

The results suggest that monetary feedback from 1954 to 1970 differs from the latter period in both magnitude and patterns across frequencies. The 1970s data suggests monetary variation had a greater overall effect and this effect was more concentrated at lower frequencies.