Keating, John; Kelly, Logan J.; Smith, Andrew Lee; … - Department of Economics, University of Kansas - 2014
innovation is our use of Divisia M4, the broadest monetary aggregate currently available for the United States, as the policy … monetary aggregate. Third, during normal conditions policy shocks from our Divisia-based model have similar effects on … variables to those found in the Fed Funds model of monetary policy, and where there are differences our model with Divisia M4 …