Baumeister, Christiane; Liu, Philip; Mumtaz, Haroon - In: Journal of Economic Dynamics and Control 37 (2013) 3, pp. 543-560
Based on a time-varying factor-augmented vector autoregression, we demonstrate that the propagation mechanism of monetary policy disturbances differs across disaggregate components of personal consumption expenditures. While many disaggregate prices rise temporarily in response to a monetary...
