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"In a recent paper, Galí, Lopez-Salido, and Valles (2003) examined the Federal Reserve's response to VAR-identified technology shocks. They found that during the Martin-Burns-Miller era, the Fed responded to technology shocks by overstabilizing output, while in the Volcker-Greenspan era, the Fed adopted an inflation -targeting rule. We extend their analysis to countries of the G-7; moreover, we consider the factors that may contribute to differing monetary responses across countries. Specifically, we find a relationship between the volatility of capital investment, type of monetary policy rule, the responsiveness of the rule to output and inflation fluctuations, and the response to technology shocks"--Federal Reserve Bank of St. Louis web site.
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What explains the varying monetary response to technology shocks in G-7 countries?
2004, Federal Reserve Bank of St. Louis
Electronic resource
in English
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Book Details
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Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 1/27/2005.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
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