in The Review of Economic Studies
July 2005; p ublished online July 2005 .
Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Multiple or Simultaneous Equation Models; Multiple Variables; Prices, Business Fluctuations, and Cycles; Monetary Policy, Central Banking, and the Supply of Money and Credit. 15289 words.
Monetary policy and the private sector behaviour of the U.S. economy are modelled as a time varying structural vector autoregression, where the sources of time variation are both the...