Mojon, Benoît - Federal Reserve Bank of Chicago - 2007
business cycle. This contrasts with the 1960's, the 1976 to 1979 period and the post 1984 era where monetary policy shocks have …This paper shows how US monetary policy contributed to the drop in the volatility of US output fluctuations and to the … decoupling of household investment from the business cycle. I estimate a model of household investment, an aggregate of non …