Ahmadi, Pooyan Amir; Ritschl, Albrecht - 2009
The prominent role of monetary policy in the U.S. interwar depression has been conventional wisdom since Friedman and … Schwartz [1963]. This paper presents evidence on both the surprise and the systematic components of monetary policy between … few factors and inserting these into a monetary policy VAR. We work in a Bayesian framework and apply MCMC methods to …