Francis, Neville R.; Owyang, Michael T.; Theodorou, … - In: International Journal of Central Banking 1 (2005) 3
In a recent paper, Galí, López-Salido, and Vallées (2003) examined the Federal Reserve’s response to VAR-identified technology shocks. They found that during the Martin-Burns- Miller era, the Federal Reserve responded to technology shocks by overstabilizing output, while in the...