Money, politics and the post-War business cycle / Jon Faust and John Irons Faust, Jon; Irons, John S

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Faust, Jon ; Irons, John S
Appears In
Journal of Monetary Economics
Monetary policy - Political aspects - United States; Monetary policy -- Political aspects; Business cycles -- Models
Academic; Trade
The political effects of monetary policy on the macroeconomy were investigated using a generalized standard vector autoregression model. No strong evidence was found to support the assumption that political factors belong in empirical models of monetary policy and only weak evidence that political effects are significant at all. These findings contradict earlier results in the political econometric literature that use small macroeconomic information sets and do not take into account the endogenous nature of political variables.
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