This thesis estimates the effects of monetary policy shocks by employing vector
auto regressions (VAR). I argue that to the extent the central bank and the private sector
have information not reflected in the VAR, the measurement of policy innovations
is contaminated. These incorrectly estimated policy shocks then generate misleading
results about the effects of monetary policy. This thesis first attempts to figure out
the variables indeed observed by central banks to make monetary policy decisions and
then formulates the monetary policy reaction function by using those variables. Having
identified more realistic monetary policy functions in VAR models, I conclude that
most of the previous puzzling results about the effect of monetary policy shocks might
be due to incorrectly identifying the monetary policy reaction function. / Thesis (Ph.D, Economics) -- Queen's University, 2009-06-15 15:59:13.04
| Identifer | oai:union.ndltd.org:LACETR/oai:collectionscanada.gc.ca:OKQ.1974/1944 |
| Date | 15 June 2009 |
| Creators | BHUIYAN, MOHAMMAD |
| Contributors | Queen's University (Kingston, Ont.). Theses (Queen's University (Kingston, Ont.)) |
| Source Sets | Library and Archives Canada ETDs Repository / Centre d'archives des thèses électroniques de Bibliothèque et Archives Canada |
| Language | English, English |
| Detected Language | English |
| Type | Thesis |
| Format | 641019 bytes, application/pdf |
| Rights | This publication is made available by the authority of the copyright owner solely for the purpose of private study and research and may not be copied or reproduced except as permitted by the copyright laws without written authority from the copyright owner. |
| Relation | Canadian theses |
Page generated in 0.0022 seconds