Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
5098918 | Journal of Economic Dynamics and Control | 2010 | 16 Pages |
Abstract
Conditional on shocks to technology and monetary policy, the results square with simple models. Moreover, permanent inflation shocks accounted for the counter-cyclical and inversely leading behavior of the real rate during the Great Inflation (1959-1979). Over the Great Moderation (1982-2006), technology shocks were more dominant and the real rate has been pro-cyclical.
Related Topics
Physical Sciences and Engineering
Mathematics
Control and Optimization
Authors
Elmar Mertens,