Has Monetary Policy Become More Efficient? A Cross‐Country Analysis
分析24个国家过去20年的宏观经济表现，发现通胀波动下降、产出波动变化不大，并开发方法将绩效变化归因于货币政策效率、供给冲击和结构变化，结果显示多数国家货币政策效率提升是主因。
Over the past 20 years, macroeconomic performance has improved in industrialised and developing countries alike. In a broad cross-section of countries inflation volatility has fallen markedly while output variability has either fallen or risen only slightly. This increased stability can be attributed to some combination of more efficient monetary policy making, a reduction in the variability of supply shocks, and changes in the structure of the economy. We develop a method for allocating performance changes among these factors. For 21 of the 24 countries we study, more efficient monetary policy has been the driving force behind improved performance. Copyright 2006 Royal Economic Society.