Measuring Real and Nominal Macroeconomic Shocks and their International Transmission under Different Monetary Systems
用长期约束的VAR方法，基于英美1869年以来的年度和二战后季度数据，识别并测量实际与名义冲击，比较不同国际货币体系下两国间冲击的传导。
A fundamental distinction can be drawn between real and nominal macroeconomic shocks. The aim of this paper is to identify and measure these two types of shocks, and to estimate the response of output growth and inflation to them. A VAR methodology that incorporates long‐run identifying restrictions is used. The analysis is carried out for the US and the UK using annual data since 1869 and quarterly post‐war data. The transmission of these shocks between the two countries under different international monetary systems is compared.