How to Solve the Price Puzzle? A Meta‐Analysis
Abstract
The short‐run increase in prices following an unexpected tightening of monetary policy constitutes a puzzle frequently reported in empirical studies. Yet the puzzle is easy to explain away when all published models are quantitatively reviewed. We collect and examine about 1,000 point estimates of impulse responses from 70 articles that use vector autoregressions to study monetary transmission in various countries. We find that the puzzle is...
Paper Details
Title
How to Solve the Price Puzzle? A Meta‐Analysis
Published Date
Jan 22, 2013
Volume
45
Issue
1
Pages
37 - 70
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