The relative price effects of monetary shocks
By: Nathan S. Balke, Mark A. Wynne.
Contributors: Wynne, Mark A.
Series: Research Department working paper ;; 0306; Working paper (Federal Reserve Bank of Dallas. Research Dept. : Online) ;; 0306.
Publisher: Federal Reserve Bank of Dallas
Published: 2003
Place of publication: [Dallas, Tx.]
Language: eng
Format: Electronic resource
Description: "We document the response of the individual components of the Producer Price Index (PPI) to commonly used measures of monetary shocks, and show that these responses are at variance with many widely-used macro models of monetary non-neutrality. Monetary shocks are shown to have large relative price effects, resulting in an increase in the dispersion of the cross-section distribution of prices. Furthermore, in response to a contractionary (expansionary) monetary shock, a substantial number of prices tend to rise (fall). Most of the existing models of monetary nonneutrality are not capable of replicating these types of relative price responses."--Federal Reserve Bank of Dallas web site.
Notes: Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 1/26/2005.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.