TY  - JOUR
AU  - Cochrane,John H.
TI  - What do the VARs Mean?:  Measuring the Output Effects of Monetary       Policy
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 5154
PY  - 1995
Y2  - June 1995
UR  - http://www.nber.org/papers/w5154
L1  - http://www.nber.org/papers/w5154.pdf
N1  - Author contact info:
John H. Cochrane
Booth School of Business
University of Chicago
5807 S. Woodlawn
Chicago, IL  60637
Tel: 773/702-3059
Fax: 773/702-0458
E-Mail: john.cochrane@chicagobooth.edu
AB  - 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.
ER  -