TY  - JOUR
AU  - Fair,Ray C.
TI  - Does Monetary Policy Matter?  Narrative Versus Structural Approaches
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 3045
PY  - 1989
Y2  - July 1989
UR  - http://www.nber.org/papers/w3045
L1  - http://www.nber.org/papers/w3045.pdf
N1  - Author contact info:
Ray C. Fair
Cowles Foundation
P.O. Box 208281
Yale University
New Haven, CT  06520-8281
E-Mail: ray.fair@yale.edu
AB  - This paper compares results from the narrative approach of Romer and Romer (1989) to those from the structural approach regarding the effects of monetary  policy on real output. The results from both approaches lead to the conclusions that monetary policy matters and that the effects build slowly following a monetary policy shock. The narrative approach, however, leads to larger and more persistent effects than does the structural approach. Reasons are advanced in the paper as to why this might be so. 
ER  -