Bernanke, Ben S.; Mihov, Ilian - Federal Reserve Bank of San Francisco - 1995
, 1994b), we develop and apply a VAR-based methodology for measuring the stance of monetary policy. More specifically, we … develop a "demi-structural" VAR approach, which extracts information about monetary policy from data on bank reserves and the … can be used to compare and evaluate existing indicators of monetary policy and also to develop an "optimal" measure (given …