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2014•Munich Personal RePEc Archive (Ludwig Maximilian University of Munich)Requires access

Review over Empirical Evidence on Real Effects of Monetary Policy

Rongrong Sun

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Abstract

This paper reviews and discusses the empirical literature on the impact of monetary policy on output. We focus on the evolution of methods that these studies have applied and demonstrate the established fact that monetary policy has significant impact on output. Throughout the review, we particularly highlight two problems in estimating the effects of monetary policy: the problem of how to measure monetary policy and the identification problem.

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This paper reviews and discusses the empirical literature on the impact of monetary policy on output. We focus on the evolution of methods that these studies have applied and demonstrate the established fact that monetary policy has significant impact on output. Throughout the review, we particularly highlight two problems in estimating the effects of monetary policy: the problem of how to measure monetary policy and the identification problem.

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Available abstract

This paper reviews and discusses the empirical literature on the impact of monetary policy on output. We focus on the evolution of methods that these studies have applied and demonstrate the established fact that monetary policy has significant impact on output. Throughout the review, we particularly highlight two problems in estimating the effects of monetary policy: the problem of how to measure monetary policy and the identification problem.

Key concepts: Monetary policy, Economics, Credit channel, Identification (biology), Monetary hegemony, Macroeconomics, Monetary economics, Empirical evidence

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