TY  - JOUR
AU  - Christiano,Lawrence J.
AU  - Eichenbaum,Martin
AU  - Evans,Charles L.
TI  - Monetary Policy Shocks: What Have We Learned and to What End?
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 6400
PY  - 1998
Y2  - February 1998
UR  - http://www.nber.org/papers/w6400
L1  - http://www.nber.org/papers/w6400.pdf
N1  - Author contact info:
Lawrence Christiano
Department of Economics
Northwestern University
2001 Sheridan Road
Evanston, IL 60208
Tel: 847/491-8231
Fax: 847/491-7001
E-Mail: l-christiano@northwestern.edu

Martin S. Eichenbaum
Department of Economics
Northwestern University
2003 Sheridan Road
Evanston, IL  60208
Tel: 847/491-8232
Fax: 847/491-7001
E-Mail: eich@northwestern.edu

Charles Evans
Federal Reserve Bank of Chicago
2nd floor
230 S. LaSalle Street
Chicago, IL 60604
Tel: 312-322-5001
E-Mail: charles.l.evans@chi.frb.org
AB  - This paper reviews recent research that grapples with the question: What happens after an exogenous shock to monetary policy?  We argue that this question is interesting because it lies at the center of a particular approach to assessing the empirical plausibility of structural economic models that can be used to think about systematic changes in monetary policy institutions and rules. The literature has not yet converged on a particular set of assumptions for identifying the effects of an exogenous shock to monetary policy.  Nevertheless, there is considerable agreement about the qualitative effects of a monetary policy shock in the sense that inference is robust across a large subset of the identification schemes that have been considered in the literature.  We document the nature of this agreement as it pertains to key economic aggregates.
ER  -