An Aggregate Demand - Aggregate Supply Analysis of Japanese Monetary Policy, 1973-1990
Kenneth D. West
University of Wisconsin - Madison - Department of Economics; National Bureau of Economic Research (NBER)
NBER Working Paper No. w3823
An aggregate demand - aggregate supply framework is used to analyze the effects of Japanese monetary policy, 1973:1-1990:8. It is found that money supply shocks contribute relatively little to output variability over the sample as a whole. Nor do these shocks seem to be particularly marked during business cycle contractions. The effects of monetary policy on prices and output appear to be quite similar to those of a constant money growth rule.
Number of Pages in PDF File: 75working papers series
Date posted: December 28, 2006
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