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The dynamics of US inflation: Can monetary policy explain the changes?
Canova, Fabio; Ferroni, Filippo
Universitat Pompeu Fabra. Departament d'Economia i Empresa
We investigate the relationship between monetary policy and inflation dynamics in theUS using a medium scale structural model. The specification is estimated with Bayesiantechniques and fits the data reasonably well. Policy shocks account for a part of the declinein inflation volatility; they have been less effective in triggering inflation responses overtime and qualitatively account for the rise and fall in the level of inflation. A number ofstructural parameter variations contribute to these patterns.
Macroeconomics and International Economics
new keynesian model
bayesian methods
monetary policy
inflation dynamics.
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