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| Author: | Clark, T. E. |
| Title: | The responses of prices at different stages of production to monetary policy shocks |
| Journal: | Review of Economics and Statistics
1999 : AUG, VOL. 81:3, p. 420-433 |
| Index terms: | PRICES PRODUCTION MONETARY POLICY |
| Language: | eng |
| Abstract: | This study explores the responses of prices at different stages of production to monetary policy shocks. In aggregate price analysis the VAR is used to identify the policy shock as the federal funds rate innovation and trace out the responses of prices. In disaggregate price analysis the adjustment of prices is examined by comparing inflation before and after a recent policy tightening. At early stages of production a monetary tightening causes input prices to fall more rapidly by a larger amount than output prices. |
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