What do the VARs Mean? : Measuring the Output Effects of Monetary Policy

John H. Cochrane

What are the relative effects of anticipated vs. unanticipated monetary policy? I examine the effect of this identifying assumption on VAR estimates of the output response to money, assuming that anticipated monetary policy can have some effect on output results in much shorter and smaller output response estimatesþestimates closer to the predictions of most monetary models

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Year of publication:	June 1995
Authors:	Cochrane, John H.
Institutions:	National Bureau of Economic Research (contributor)
Publisher:	Cambridge, Mass : National Bureau of Economic Research
Subject:	Geldpolitik \| Monetary policy \| Wirkungsanalyse \| Impact assessment \| Schock \| Shock \| Schätztheorie \| Estimation theory \| VAR-Modell \| VAR model

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