What do the VARs Mean?: Measuring the Output Effects of Monetary Policy
What are the relative effects of anticipated vs. unanticipated monetary policy? I examine the effect of this identifying assumption on VAR estimates of the output response to money, assuming that anticipated monetary policy can have some effect on output results in much shorter and smaller output response estimatesþestimates closer to the predictions of most monetary models.
Published: Journal of Monetary Economics, Vol. 41, no. 2 (April 1998): 277-300.