Variability in the Effects of Monetary Policy on Economic Activity
使用滚动向量自回归方法，基于美国1959-1994年数据，发现货币政策对产出和价格的影响存在变异性，负向冲击效果更强，且与经济缓慢变化相关。
This paper documents and interprets the variability in the effects of monetary policy on economic activity using the method of rolling vector autoregression and United States data from 1959:01 to 1994:12. While I find robust support for short-run price stickiness and long-run output neutrality, I also find that the responses of output and price levels to monetary shocks are otherwise quite variable. Seven episodes of differing responses are identified. The effects of monetary policy are found to be stronger when monetary shocks are negative, and are related to some gradual changes in the economy.