Does Monetary Policy Matter? Narrative Versus Structural Approaches
Ray C. Fair
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.
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