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Empirical Analysis of Policy Interventions / Eric M. Leeper, Tao Zha.
- Format:
- Book
- Author/Creator:
- Leeper, Eric M.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w9063.
- NBER working paper series no. w9063
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2002.
- Summary:
- We construct linear projections of macro variables conditional on hypothetical paths of monetary policy, using as an example an identified VAR model. Hypothetical policies are restricted to ones where both the policy intervention and its impacts are consistent with history -- otherwise the linear projections are likely to be unreliable. We use the approach to interpret Federal Reserve decisions, modeling their frequent reassessment in light of new information about the tradeoffs policymakers face. The interventions we consider matter: they can shift projected paths and probability distributions of macro variables in economically meaningful ways.
- Notes:
- Print version record
- July 2002.
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