Research

U.S. Evidence on Linear Feedback from Money Growth Shocks to Relative Price Changes, 1954-1979

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.

Publication Information
Article Title: U.S. Evidence on Linear Feedback from Money Growth Shocks to Relative Price Changes, 1954-1979
Journal: Review of Economics & Statistics (Nov, 1985)
Vol. 67 Issue 4, pp. 675-680
Author(s): McGarvey, Mary G
Researcher Information
    
McGarvey, Mary G
McGarvey, Mary G
Associate Professor of Economics
Expertise:
  • Applied Econometrics
  • Public Policy Analysis
  • Economics of Obesity
  • Labor Markets
Economics
CoB 525 P
P.O. Box 880489
University of Nebraska-Lincoln
Lincoln, NE 68588-0489, USA
Phone: (402) 472-9415
mmcgarvey1@unl.edu