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The dynamics of US inflation: Can monetary policy explain the changes?

Canova, F and Ferroni, F (2012) The dynamics of US inflation: Can monetary policy explain the changes? Journal of Econometrics, 167 (1). pp. 47-60.

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Abstract

We investigate the relationship between monetary policy and inflation dynamics in the US using a medium scale structural model. The specification is estimated with Bayesian techniques and fits the data reasonably well. Policy shocks account for a part of the decline in inflation volatility; they have been less effective in triggering inflation responses over time and qualitatively account for the rise and fall in the level of inflation. A number of structural parameter variations contribute to these patterns. © 2011 Elsevier B.V. All rights reserved.

Item Type: Article
Authors :
NameEmailORCID
Canova, FUNSPECIFIEDUNSPECIFIED
Ferroni, Ff.ferroni@surrey.ac.ukUNSPECIFIED
Date : 1 March 2012
Identification Number : 10.1016/j.jeconom.2011.08.008
Depositing User : Symplectic Elements
Date Deposited : 16 May 2017 15:13
Last Modified : 17 May 2017 14:33
URI: http://epubs.surrey.ac.uk/id/eprint/818137

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