How Long to Read What Do Monetary Contractions Do? Evidence From Large, Unanticipated Tightenings

How Long Does it Take to Read What Do Monetary Contractions Do? Evidence From Large, Unanticipated Tightenings?

It takes the average reader and 30 minutes to read What Do Monetary Contractions Do? Evidence From Large, Unanticipated Tightenings by Tim Willems

Assuming a reading speed of 250 words per minute. Learn more

Description

As the “Volcker shock” is believed to have generated useful information on the effects of monetary policy, this paper develops a simple procedure to identify other unanticipated monetary contractions. The approach is applied to a panel data set spanning 162 countries (over the period 1970-2017), in which it identifies 147 large monetary contractions. The procedure selects episodes where a protracted period of loose monetary policy was suddenly followed by sizeable nominal interest rate increases. Focusing on contractions of significant size increases the signal-to-noise ratio, while they are unlikely to be accompanied by confounding “information effects” (markets interpreting a rate hike as the Central Bank being optimistic about the real side of the economy). A subsequent panel VAR analysis suggests that a 100-basis point rate hike reduces real GDP by 0.5 percent. This reduction in output seems to be persistent, pointing to a certain degree of hysteresis. The price level falls by 1.5 percent, indicating that the medium-/long-run impact of contractionary monetary shocks is not characterized by a neo-Fisherian response. Advanced economies appear to display more price stickiness than emerging/developing countries, as the former combine a more muted price response with a larger effect on output.

How long is What Do Monetary Contractions Do? Evidence From Large, Unanticipated Tightenings?

What Do Monetary Contractions Do? Evidence From Large, Unanticipated Tightenings by Tim Willems is 29 pages long, and a total of 7,511 words.

This makes it 10% the length of the average book. It also has 9% more words than the average book.

How Long Does it Take to Read What Do Monetary Contractions Do? Evidence From Large, Unanticipated Tightenings Aloud?

The average oral reading speed is 183 words per minute. This means it takes and 41 minutes to read What Do Monetary Contractions Do? Evidence From Large, Unanticipated Tightenings aloud.

What Reading Level is What Do Monetary Contractions Do? Evidence From Large, Unanticipated Tightenings?

What Do Monetary Contractions Do? Evidence From Large, Unanticipated Tightenings is suitable for students ages 8 and up.

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